It’s Easy
Purchasing a home in Panama is a straightforward process if you use an agent. It is even easier when you have a local estate agent who is familiar with the Panamanian system to guide you.
First
The first step in the home-buying process is obviously to find a property that you are interested in purchasing. This can be done through an estate agent or by searching for properties online. Then once you have found a property, the next step is to make an offer. This offer will typically include the purchase price, the terms of the sale, and any contingencies that are in place.
Financing
Once the seller has accepted your offer, the next step is to secure financing. If you need a mortgage to finance the purchase of your new home, no problem. Just apply through a local bank or a mortgage broker. In Panama, most mortgages are granted at a fixed interest rate for a period of up to 30 years. Most prefer to pay the full price if moving here from overseas.
The Contract
Once your financing has been secured, the next step is to sign a contract. This contract will outline the terms of the sale. These include the purchase price, the closing date, and any contingencies that are in place. It is important to check the contract carefully and have it reviewed by a lawyer before signing.
Due Diligence
After the contract has been signed, the next step is to complete a due diligence period. This is a period of time when the buyer can conduct a thorough review of the property. This includes a title search and a property inspection. This is an important step in the process, as it allows the buyer to confirm that the property is in good condition and that there are no outstanding issues that could affect the sale.
Closing
Once the due diligence period is complete, the next step is to schedule a closing date. This is the date on which the sale will be finalized and the property will be transferred to the new owner. At the closing, the buyer will need to bring the necessary funds to pay the purchase price, as well as any closing costs or fees that are associated with the sale.
Use an Agent
Overall, purchasing a home in Panama is a relatively easy process, especially when you have a local estate agent who is familiar with the Panamanian system to guide you. With the help of an experienced agent, you can confidently navigate the process and find the perfect home in Panama for you and your family.
Beware
Unfortunately, there are some pitfalls that are easy to be caught up in. This is something to be aware of and doing it “cheaper” can cost you a lot more later on, when things go wrong.
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