Article
Panama Real Estate Investment---The Things to Consider Before You Buy
When you are going to invest in the real estate in another country, you need to be very cautious. Panama is no exception. Good research and a thorough knowledge in the rules and procedure of the country’s real estate can turn your investment into big success. But you can not make it alone; you will need the help of a legal expert in every stage of the property purchase.
First of all, you have to find out the property that suits your investment needs. What is the objective of your purchase of the property in Panama? Do you want to use it as your vacation home and earn rental income for you through the rest of the year? Or, are you planning to relocate and set up your home out there? Or is it just another investment move? The type of the property will depend on the answer to these questions.
When you are buying real estate in Panama for residential purposes, you should consider the following.
The property should be located in an area that has all the essential services such as water, electricity, and drainage. The area should be well connected through the central road arteries and have adequate public conveyance options.
You should generally avoid the high-risk zones while buying properties in Panama. Also, take a survey of the neighborhood to learn whether it complements your social station.
Whatever may be your purpose of buying real estate in Panama, it is going to be your long term asset and for that you have to be careful about its condition at the time of buying. It is preferable to invest in a property that is not older than thirty years.
Carefully check out for the roofs---whether or not they are waterproof---the deterioration that have set in other areas of the building such as floors, walls etc.
Make sure, its electrical installations are in good health---checking out with the fuses, dampers etc will give you an idea. Make sure of the hydraulic installations as well as the gas pipes and lines.
As in any other country, so in Panama, make sure that you are aware of the legal status of the property, before making any commitment. When the owner is selling the property, he is expected to show you some documents that include licensee that gives you permission to use the Land to Inhabit.
The documents to ascertain that there are any dues for electricity, water and other essential services.
When you are buying real estate in Panama, make sure that:
- The land does not belong to CORET. Program.
- The property should not be in the category of co-property.
- The real estate also should not all in the category of testamentary succession
- The real estate in question must not be acquired through Positive Judicial Prescription
All judicial processes in Panama are conducted in Spanish. For any real estate transaction in Panama, a contract written solely in English carries no legal weight, and is generally not recognized. All contracts for property must be in Spanish on a formal public deed, and signed before a public notary, in order to be legally enforceable and where applicable, be filed at the Public Registry.
