Panama Real Estate Lawyers
If you intend to relocate or retire to Panama, you may be considering purchasing real estate (offices, condos, a house, or a lot) in Panama City, Bocas del Toro or somewhere else in the interior in which to live, our Panamanian real estate lawyers regularly review real estate sale & purchase contracts, and are happy to assist you with any documentation that is required. Please note, of course, that our lawyers are not real estate agents and although they can refer you to agents that can help you, we do prefer that you make this decision based entirely on what you are looking for. In this way, we can ensure that you do not run into a conflict of interest.
Buying real estate is often a large investment. The contracts signed are legally binding documents, and we advise clients to ensure that they have read and understood all documents completely before signing. While a good real estate agent can help you through all the steps of buying the office, condo or home, they cannot provide you with legal advice. You need to insist that the sale & purchases closes only when you are completely satisfied that all of your questions have been answered. Keep asking until you get a good explanation that you can understand, and that will still make sense if you are later trying to sell the property. It is much easier to fix a problem before you have purchased than it is after you have made a written commitment which you cannot get out of. You should also remember that the real estate agent gets paid only when the sale closes.
Be wary if you are told, "trust me," or that you don't need to know about something you have asked about. This includes (sometimes) recommendations that you use the seller's attorney, in order to keep the legal costs down. Sometimes this is a legitimate offer; however, it is not recommendable in most cases. If the contract is in Spanish and you do not speak Spanish, have it translated independently (although this may cost you up to $20.00 per page, it's a worthwhile investment to have made).
Panama has a number of laws and incentives in place to attract and protect real estate investment by foreigners. In general, foreigners are allowed by law to own real estate in Panama, with few restrictions, and acquiring property is a largely painless affair.
If you are thinking of purchasing property in Bocas del Toro, you need to be particularly careful that you understand what you are purchasing. There is titled property, but there are also concessions and rights of possession (squatter's rights). If you are transferred rights of possession on an island property, you should be aware that it is not possible to get title to this land. The Panamanian Constitution has made it impossible to get title for such lands. However, this may or may not be a decisive issue in your decision to settle in Panama.
Panama has a number of laws and incentives in place to attract and protect real estate investment by foreigners. In general, foreigners are allowed by law to own real estate in Panama, with few restrictions, and acquiring property is a largely painless affair.