Process of selling a property in Panama

18.12.2022

News

Process of selling a property in Panama

Once you decide which property you are going to acquire, 99.9% of the cases you will require financing and the payment of an initial payment. This payment will be equivalent to the percentage of the price that the bank will not finance you. If the bank offers you 95% financing, it means that you must cover the remaining 5% as a down payment for the purchase of your new home.

After the promise of purchase is signed and the initial deposit is delivered, it is the seller's responsibility to pay the sales or alienation taxes and the capital gains tax.
2% and 3% respectively.

The buyer takes out their insurance, at least, the life insurance, which is a requirement of the banking institution that offers you the loan, and you must also have fire insurance.

The next steps in obtaining a home are:

Signing of the purchase contract, which you submit to the Public Registry to obtain the deed.
Payment of charges related to the registration or registration of the property in the public registry.
Signature of the deed and disbursement of the bank, by means of the letter of promise of payment, previously delivered and payable after complying with the payments of taxes, registrations and additional charges to the transaction, such as peace and save of administration in case of PH or peace and save of IDAAN.

Do you agree that this is the sales process?

Contact me for advice.
Luigi Bemporad
Senior Consultant
(+507) 6379 3885

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