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Purchase and sale of real estate in Panama

Private property is an institution that has the full support of the Political Constitution of the Republic of Panama and a comprehensive and meticulous legislation, designed to ensure legal security for people investing in real estate.

Both nationals and foreigners can acquire real estate in Panama through safe operations, as long as the terms agreed in the purchase agreements are verified and the procedures and obligations are complied in accordance with the law.

In the process of buying a real estate, anyone can make verifications (take measurements of the estate, observe the topographic characteristics, check the state of a building, etc.) but it will always be better to hire the services of specialized professionals, who can guide you throughout the process.

It will always be of vital importance, to avoid setbacks, to verify that:

  • … the seller has a legitimate right to dispose of real property.
  • … the real estate has no encumbrances, is not subject to co-ownership regulations and has no restrictions or limitations on use in special areas.

 

Do you need a lawyer?

Yes. A Panamanian qualified lawyer, who is in charge of diverse diligences, like the obtaining of the title of property and the related studies that are available, to corroborate that there are no restrictions that impede the transaction and to give legal character to the contract of purchase with which the Public Registry transfers ownership from one owner to the other.

 

How to check the measurements of the estate?

In terms of property sales, the measurements are not always accurate and the terms in good faith are not always good advisors. It is important to hire a surveyor with a long history and good reputation, supported by computerized tools, to establish the measures of the estate and define the boundaries clearly.

 

How to value the house and its improvements?

When buying a property, all people aspire to pay a fair price, so the value of the real estate becomes -except for exceptions- the most important factor in a real estate transaction.

Although appraisals are generally based on market prices, a reputable appraiser helps you to define a fair price based on a set of reference data, as well as techniques and procedures developed with experience.

 

As a corollary

Panamanian legislation supports the private property regime, establishing the necessary conditions to guarantee legal security over real estate.

In order for the objective to be achieved, it is important to hire professional services that ensure that everything is in order, including investigations related to the history of the real estate and the owners who have had it.

In Candanedo Correa we are a law firm that offers its clients high quality services, by providing complete and experienced advice in legal matters. We are in the best disposition to help you.

We have a trajectory of more than a decade of prestige in the matter of laws and advice, in Chiriqui, Panama. Please contact us.