subject: Panama Real Estate [print this page] The real estate industry can be broadly defined as a collection of industrial and services sectors of the economy, such as construction which includes housing construction, as well as construction of commercial offices, retail and industrial buildings, and infrastructure projects such as dams, roads and bridges, brokerage services, real estate finance services (mortgage banking, real estate investment), real estate operations, property management, architecture and design. The development of this industry has a great impact on the economic growth of any country and it is considered the single largest asset which represents the country worldwide.
Panama is an international business hub and a rapidly growing country. Panama is one of the worlds top offshore havens and it is continuing to emerge as one of the worlds greatest economy. The properties in Panama are much more affordable with all the amenities and comforts you need Panama real estate is the part of prestigious Business Panama Group. It is well reputed group of companies, professionals and alliance partners which provide One Stop Shop Solution for real estate, business, investments, insurance, mortgage brokerage and financial services in Panama to individual and corporate investors. The big advantage for Panama Real Estate is that there is stability in government and currency which attracts more investors to invest their money in chosen portfolio. And one more things that the process to buy property in Panama is relatively simple which follow five steps:
Step 1: Confirm the Title
The first thing you need to do is confirm the legal owner of the property. After getting the property of your own choice ask the owner for two important documents: the public deed containing the title (escritura) and the ownership and encumbrances certificate (certificado de registro publico) from the public registry. You should then give these to your lawyer for an updated search.
Step 2: Promise to Buy
Enter into a promise to buy-sell agreement, whereby you give the seller a down payment and set a date for the transfer of title.
Step 3: Transfer the Title
Your lawyer will draft the final purchase and sale contract. He will gather all documents and make an additional search to ensure that no liens or mortgages have been filed in the meantime.
Step 4: Transfer the Funds
The safest thing is to pay the balance of the purchase price through an irrevocable letter of payment from a local bank in Panama.
Step 5: Record Your Purchase at the Public Registry
This process normally takes a few weeks, but can be done in about 10 days by having your attorney file the documents directly at the main office of the public registry in Panama City. If you are in a great hurry, the public registry charges an additional fee of $250 for next-day registrations.
