Are you thinking about purchasing property in Panama? If you are, there are a few points to consider which go beyond the idea that you are buying land in an overseas nation. The real estate agents that operate in Panama are diverse, but there are a few which are familiar, just like Century 21. Purchasing real estate in Panama is not that distinctive from purchasing property in the states, but there are certain items you have to pay attention to in order to be certain that the sale is completely legal.

Negotiating To Purchase Property In Panama

Negotiating to buy land in Panama is slightly different than it would be anywhere else, and you should be sure to get every detail regarding the transaction on paper. If you are working with a real estate broker directly, then it should be no problem. Real estate agents will record every detail of transaction out of habit. But, if you are working directly with the seller, ensure that every thing that the both of you have decided gets into the contract, specially the selling price and any down payment. Make sure to get that agreement to a legal professional to finalize. If you find that this is too much investment for you, you can always just get luxury vacation homes for rent

The Promise To Purchase Contract

In Panama, an agreement to buy real estate is regarded as a promise to purchase contract. Also called a purchase and sale agreement, here both purchaser and seller will first sign a promise to purchase contract that will secure the property in negotiation. The buyer pays a little advance payment upon signing the promise , and then performs a title search to ensure possession.

Title Search

Not like real-estate anywhere else, performing a title search on property in Panama is almost mandatory. There are so many different ways that a person can get access to, and claim possession of any land parcel within reason. The title search will reveal whether or not the property in question was ever registered in the seller’s name, as well as whether or not she or he currently owns it. A renowned company to contact is http://www.panamacasa.com

Draft The Buy-Sell Contract

After you have completed the title search, and all things have been found positive, you would then be advised to get back to the attorney, and have a buy-sell contract drawn up. This agreement is the very last step necessary to purchase the property, and will also be registered with the public registry listing you as the sole owner. If you don’t have this registered, then you’ll not be able to transfer the deed to the land, nor have any lasting legal rights to that property. The final payment on the property is now due to the seller.

Final Title Transfer

The final step necessary to buy property in Panama is the title transfer. This is a phase that would be referred to as closing in the states, and property ownership officially transfers to the purchaser when the title has been transferred as well as signed. Title must then be listed with the public registry, to create the official government records.