What are the average closing costs for Panama Real Estate transactions?
It varies with types of transactions. In case of a title transfer from seller’s own name to a Panamanian Corporation by the buyer (a highly recommended option), the closing costs would include: · Legal property transaction fee of $1200 (Title search, buy/sell contract, closing and property title transfer service). · Title Transfer fees amounting $200-$300 for the Public Registry office. · Escrow services charge from 0.5 – 1% of the variable transaction amount. · Incorporation fee to setup the Panamanian Corporation amounting usually $1000. However, if the property is already owned by a Panamanian Corporation, and the buyer is purchasing the corporation’s shares, the transaction is relatively simpler. This is because there is no registration of title transfers hence no title transfer tax and no public registry title transfer fees. In such case, the closing costs would include: · Legal property transaction fee of $800 (Title search, purchase of shares contract, and closing · Change of di
