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REAL ESTATE IN PANAMA

There are lots of opportunities in Panama for acquiring real estate, from all size and price condominiums and houses in Panama City to properties in the beaches and mountains, including developments of compounds and condominiums as well as all size of houses
for vacation or for weekends or for permanent residence.
The acquisition of land is also available.

There are several realtors in Panama, who can look for a property according to our client’s needs.

Basically speaking, the first steps to be taken in order to assure a good buy, is to investigate the property or project of interst.

The first thing to do is to check:

• That the property registered at the Public Registry Office of Panama
• That the seller is the owner or has the power and authorization to sell it
• That there are no liens or burdens on it

After those issues have been checked out, the following step is to agree the selling price and to sign a Memorandum of Agreement (MOA), which is basically a contract by which the seller agrees to sell the property to the buyer, following certain conditions and partial payment of the purchase price is done.

When looking for land in rural areas, there is a figure in Panama called “possession rights”. These possession rights mean that the holder of the land, being there for certain amount of time has the right of property upon the land but has no formal title of property upon it. Being that the case, the first step following the signature of the MOA, is to convert that possession right into a formal title of ownership.
After this is done, the official deed of transfer of ownership can be signed before a Notary Public and recorded at the Public Registry Office.

We strongly recommend legal advisory before entering into any agreement for buying real estate in Panama, as well as anywhere.