REAL ESTATE LAW IN PANAMA
Real Estate – Lawyers in Panama
Real estate is one of the most dynamic fields of Panama’s economy. It currently constitutes a focus of investment at a national and international level. Real Estate transactions require extensive experience in different areas of law. L
Te law office Padilla recognizes this and has an interdisciplinary team, which is in full capacity to respond to our clients’ needs.
A professional real estate experience from listing to closing
Our proven track record on handling key commercial transactions in different facets of the value chain, allows us to provide expert advice in any real estate decision-making process.
Law office Padilla is in full capacity to contribute and facilitate the good course of your real estate projects.
lawyer Padilla has a team of experts who carry out,
On an uninterrupted basis, short-term sale transactions in the real estate market. Our team acts as a link between sellers, brokers and buyers, and provides legal advice throughout the entire transaction.
Similarly, we provide our legal services for structuring, developing and promoting long-term projects.
Let Us Help
How can we assist you?
Due diligence, involving research and confirmation of the Public Registry data, including mortgages, owner of the property and any relevant information.
We assist our clients in all stages of purchase and sale transactions including negotiations, structuring of transactions, drafting of the documentation, registration of the property and its segmentation, if required.
Registration of property titles, as well as horizontal property regimes (PH).
Drafting of lease agreements.
Advisory on financing, planning and development of a construction project.
What does a Panama Real Estate Attorney do for you?
Services to be provided by lawyer:
1. Due Diligence
Review all documents related to the property and advise buyer
Review good standing documents and advise buyer
Research property and owner at relevant Public Registries and government departments
Water & Garbage – Get statement of balance and clearance certificate
Confirm that there are no liens, encumbrances against property
Title search and investigation at the Public Registry and Ministry of Economic and Finance.
Investigate of Catastral Value. Confirm if buyer needs to pay Property Tax on this property or if there is a Tax Exemption. Confirm that the Catastral Value has been updated properly or if corrections are needed in order to transfer to property.
2. Review Purchase & Sale Promise Agreement
Provide official translation of the Agreement in English for buyer
The Promise To Sell and Purchase Contract will establish the terms of the sale/purchase, including the down payment amount (10%), date of closing (30 days, 60 days, 90 days, 120 days), and other relevant terms. This contract should be signed by the parties at a Notary Public in Panama.
3. Draft Minutes of meetings of the shareholders for purchase of property.
4. Act as attorney in fact in the event the buyer cannot be in Panama at the time of closing.
5. Tax payments (real estate and capital gains)
Seller’s responsibility to pay and obtain documents, but attorney will review relevant documents to confirm that these are paid and in good standing.
6. Obtaining clearance certificates (IDAAN and real estate tax).
Seller’s responsibility to pay and obtain documents, but attorney should review relevant documents to confirm that these are paid and in good standing.
7. Assist as intermediary with the corresponding bank.
Assist on as-needed basis.
Review irrevocable guarantee to ensure that it is issued properly.
8. Apply for the Taxpayer Identification Number for the property in order to obtain the Real Estate Tax Clearance Certificates.
Obtain a NIT (sepal taxpayer password) at the DGI so buyer can pay annual real estate taxes and review all property information online.
Obtain from the seller the NIT, tax clearance certificates, and all relevant taxpayer identification numbers.
9. Review minute of sale from the seller and mortgage cancellation notification of the seller’s bank.
10. Draft and review Purchase and Sale Deed
Draft final deed of purchase and sale
Attend and represent the buyer at the signing of the deed of sale and purchase by the parties at a Notary Public.
Ensure the balance of funds is released upon the property being transferred to the Buyer at the Public Registry of Panama.
Obtain the corresponding signatures on the Deed.
Obtain the mortgagee´s signature on the Deed.
11. Record the Purchase and Sale Deed at the Public Registry Office.