What are the procedures to buy real estate in Panama?
Briefly: find a property you like, negotiate the price and terms with the seller or real estate broker; enlist a qualified Panamanian attorney to handle the due diligence and title search; have your attorney prepare a Promise to Buy/Sell Contract (a deposit of 10% is usually required at this time). Once your attorney has confirmed the property title is clean, then the final closing is scheduled, where both buyer and seller sign the final Buy/Sell Contract. At this point, payment is made to the seller, broker, and attorney from the escrow account. (In some cases, payment will be made after the public deed is transferred and registered into the buyer’s name.) The last step is to register the Buy/Sell Contract at the Public Registry and transfer the property title ownership from the previous to the new owner.
