Who normally pays for the closing costs on real estate transactions in Panama – the buyer or the seller?
Usually, the buyer pays all the closing costs except for the transfer tax, and normally the seller will pay his/her attorney to review the buy/sell contract. The closing costs payable by the buyer, include: his/her attorney’s fees for drafting the buy/sell contract, doing the title search, title transfer, escrow services, notary cost and public registry taxes. In rare cases, buyers and sellers negotiate special terms whereby the buyer or the seller share closing costs.
Usually, the buyer pays all the closing costs except for the transfer tax, and normally the seller will pay his/her attorney to review the buy/sell contract. The closing costs payable by the buyer, include: his/her attorney’s fees for drafting the buy/sell contract, doing the title search, title transfer, escrow services, notary cost and public registry taxes.
