Real Estate Tips: Buying properties in Panama

buying property, Real Estate

If you are planning to get a property in Panama, here are some real estate buying tips which may come useful:

No need to hurry

Panama’s real estate scene is a buyers’ market ad there are no bidding wars like what you will see in the United States. Check out as much properties as you can before deciding what you want to purchase. If you are looking for properties on an island or in the rural areas, check the property out during the rainy seasons to know if the area is swamped. You can rent for while to know the area well and see what best suits your needs.

Titled vs ROP

When you have the title to the property, this means that you own the piece of real estate while ROP or Right of Possession gives you right to occupy the land. You really do not own the land with an ROP and you cannot use it as collateral for a loan or tag it as an investment so you will qualify for residency visa.

Squatter claims

Under the laws of Panama, squatters have certain rights so you need to make sure that you can avoid such complications when you purchase a property. Make sure you inspect the property carefully to avoid squatter claims in any part of your prospect property.

Real estate agents

Like in any other country, there are different kinds of real estate agents. You can meet honest and very nice agents but there are also of the opposite kind. Take note though that real estate agents in Panama follow a different kind of rule book if you are from another country. Make sure that you understand every part of the deal you are signing for.

Real estate lawyer

Before signing or closing any contract for a real estate in Panama, make sure you consult a lawyer who can review everything and advice you if you need to be careful about the transaction.

No Comments

Leave a Reply

Allowed tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>