Who normally pays for the closing costs on Panama real estate transactions, the buyer or the seller?
Both. Buyer and seller pay their own closing costs. Usually buyer pays his/her closing costs in terms of payment for drafting a bye/sell contract, title search, due diligence and escrow services. On the other hand, the seller pays his/her attorney to review the contract. This however, is also flexible as it depends on the negotiations between the buyer and seller. Both can come into an agreement as to who would pay the closing costs in what proportions.
Generally, each party pays for their own closing costs. For example, the seller pays his/her attorney to review the buy/sell contract, and the buyer pays his/her attorney for drafting the buy/sell contract, doing the title search, title transfer, and escrow services. However, in some cases, buyers and sellers negotiate special terms whereby the buyer or the seller pays all closing costs, so it really depends on the particular negotiation between buyer and seller.
