1- Attorney: If you live abroad, the first thing you will need is to hire a local attorney who represents you in Panama. If you are already living in Panama, you will still need an attorney to take care of all the legal aspects of the process.
2- Finding the property and negotiate: It is recommended that you find a licensed Real estate agent who can help you find the right property for YOU and help you negotiate the price and conditions of the sale. If you prefer to negotiate directly with a property owner, be sure to agree upon all important terms. Once you agree on all terms and conditions, your attorney will prepare a written purchase contract using those terms.
3- Confirm the title. Prospective buyers should always confirm title first. Once you have found the property for you, ask the owner for two documents—the public deed containing the title (Escritura) and the Ownership and Encumbrances Certificate (Certificado de Registro Público) from the Public Registry. If these documents are not available, ask the seller for a property (finca) number. With this information, your lawyer will be able to search for the title at the Public Registry.
4- Promise to Buy Sell Agreement: The buyer promises to purchase the property in a formal written contract. A small down payment is usually required (regularly, 10% of the total price of the property) when this contract is signed by the parties. Now the property is held open to give the buyer time to research the property’s condition and verify the seller is really the owner. Register this contract with the government Public Registry to give notice to other potential buyers that the property is unavailable.
5- Search the Title: Your attorney can go through Public Registry records confirming the seller is the true owner along with any liens on the property. The lawyer can also research encumbrances or other problems related with the property. The attorney can also research the government utility agencies to make sure all bills are paid for water and sewer services.
6- Buy-Sell Agreement: This is a second contract after the title and utilities are researched and the buyer is ready to close on the purchase. This contract usually is the deed.
7- Transfer of Title: This is when title transfers to the buyer and when the deal is considered closed. Finally, your lawyer can help you record your purchase at the public registry (the sale isn’t final until you do this.) This process normally takes a few weeks, but it can be done in about 10 days by having your attorney file the documents directly at the main office of the public registry.
The time required to go through all these steps depends on various factors, but usually it takes around 3 months to complete the transaction.
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