Menu

Free 200+ Page eBook

Top 57 Places to Live & Invest in the Tropics

Quickly find out which country is right for you.
No-hype updates & resource guides. No Spam. Ever.
Limited offer. Instant Download.

Join More than 58,187 people who are breaking free


we value your privacy

How to Buy Property in Panama

Photo: Viva Team

Photo: Viva Team

Buying property in Panama can be a cumbersome task.  The good news is that, when dealing with experienced professionals you can trust, it doesn’t have to be.

While some investors and expats choose to learn all the ins and outs of the process, many see no need to reinvent the wheel when there are others who do this kind of thing every day and are much better equipped to navigate the system.

As that latter group has learned, buying property in Panama isn’t about what you know.  It’s who you know.  And it is absolutely essential to work with a team you can trust.

Step 1:  Narrow Down Your Search.

Start looking for properties.  Take into consideration the type of climate, community, and culture that you’re looking for.  Whatever you’re into, Panama has an area that can accommodate your interests.

Once you’ve chosen your area, find a few listings that appeal to you and contact the seller, developer, or listing agent.  You can start by emailing them to see if you get a response.  If it’s a company who’s selling, research them online.  Try to verify whether they’re legit.

Once you’ve weeded out any bogus or unreliable sources, contact the sellers of your top candidates by phone to feel them out a little more.  Treat this more like an interview than just a cursory fact-finding mission.  You want to make sure that everything they’re telling you about the property and the process corresponds with what you know to be true.

If there are any red flags that pop up in your dealings with the seller, walk away.  Don’t waste your time and effort trying to work with someone who isn’t cooperative or trustworthy.

Step 2: Build Your Team.

Working with a team of reputable professionals is the key that can make or break your property-buying experience.  However you’ll be relieved to know that, having successfully weeded out any questionable sellers, you’re well on your way to building a team you can trust to work in your best interests and get the job done.

Like-minded folks often tend to run in the same circles.  So if your real estate agent is trustworthy, then you can usually trust others in his network.  (Note that the opposite is also true.  If a seller gives you reason to doubt him, run–don’t walk–away from the rest of his cronies as well.)

While you should certainly do your part to double check their reputation, it’s a good idea to ask the real estate agent or property developer for recommendations on attorneys, escrow companies, surveyors, or other professionals you’ll need.  This can save you a wealth of time and energy when trying to select these professionals from thousands of miles away.

So it’s important in this stage to evaluate whoever you’re going to be working with. This means real estate agents, attorneys, sellers, etc.

Step 3: Come See for Yourself.

The final step before pulling the trigger is to take a trip to see the property (or properties, if you’re considering more than one) for yourself.  Make arrangements to meet with the seller (or sellers), and see if you can go ahead and plan a meeting with the attorney you’ve selected to get the ball rolling.

Keep in mind that, depending on the seller or company you’re dealing with, you may be responsible for arranging for all your own travel, especially once you’re on the ground in Panama.  And we all know nothing ever goes wrong when traveling internationally, right?  Wrong.

Things happen.  Flights get delayed.  Cell phone service is spotty.  Make sure those you’ll be meeting know how to reach you and that you know where to find them as well.  Get their office number, cell phone number, home phone number, physical address, email address, and every other form of contact you can think of.  And always have a back-up plan.

Once you’ve connected with everyone, sit back and relax and enjoy the beautiful scenery.  Make sure to allow plenty of time to do everything you need to do.  Depending on the remoteness of the properties you’re considering, you may be traveling by boat, or horseback, or even on foot.  Don’t expect to be hopping in a car with a realtor and seeing eight or nine properties in an afternoon.

Step 4:  Let Your Team Get to Work.

Once you’ve selected your property, this is where the right team will really start firing on all cylinders.  Your attorney will start by drafting up a contract to buy and issuing a deposit to the seller.  The contract will spell out all the contingencies that must be met.

The attorney will then research the title or rights, liens, and any other legal issues with the property.  Hopefully you’ll find everything in order once your team has done their homework on the property.

If everything’s in the clear, your attorney will obtain a bill of sale and have the title transfer completed.  After that it’s time to disburse the funds, which you’ll need to have wired to a Panamanian bank.

That’s it.  It’s that simple.  At least, it can be.  By delegating responsibility to a few trusted individuals, the process of buying property in Panama can be virtually hassle-free on your part.  In fact, if you’ve arranged everything properly with your attorney, you might not even have to show up for the closing.

Imagine that.  You take a trip to Panama to look at a property you’re considering, and the next time you return…it’s yours.

Up Next

7 of the Top Places U.S. Expats Are Living in Latin America (and Why)

New data shows where U.S. expats are residing all across the globe. Many of the top destinations are in nearby Latin America. Find out why. (Read It)

Central America's Best Real Estate Buy

Don't miss this up and commer. It has the tropical lifestyle, stunning beauty, and smokin appreciation potential. (Read It)

The World’s Top 10 Best Places to Put Your Money

Offshore banking isn't just for the super rich. But how does the average Joe decide where to put his money? Here are the world's top banking jurisdictions. (Read It)
panama city panama real estate update

Panama City, Panama Real Estate Market Update

Today we have a guest post written by Kent Davis, owner of one of the most successful real estate brokerages in Panama City The Panama City real estate market may have finally taken a turn in …

(Read It)
costa rica websites

Top 133 Costa Rica Websites for Expats and Investors

Did you know there are dozens and dozens of great resources on Costa Rica for expats and investors? Sure, we have a ton of resources for Costa Rica on our site, and a whole bunch …

(Read It)

The Truth about Living in Costa Rica: The Good, the Bad, and the Muddy

It's easy to find tons of articles and information out there highlighting all the great benefits of living in Costa Rica. But it's also easy to read those blogs and marketing pieces and think, "Yeah, it …

(Read It)

Why Nosara, Costa Rica Is Not Your Average Surfing Town

A deeper look at Nosara and its history will quickly reveal that this long-time mecca for surfing enthusiasts offers so much more than just the sand and sea. The increasing interest in the area as a …

(Read It)

Expats Are Still Falling in Love with Nosara and Here’s Why

What was once the up-and-coming expat haven of Nosara, Costa Rica, has blossomed into one of Costa Rica's most established expat communities that continues to be ranked near the top of the list of most desirable destinations in the Latin …

(Read It)

How Nosara Strikes the Perfect Balance of Rustic vs. Connected

When you hear people applaud Nosara for its laid-back rustic vibe, what you may not realize is that despite it's off-the-beaten-path atmosphere, Nosara is also surprisingly well connected. As such, this Costa Rican hotspot continues to be one …

(Read It)

Leave a Reply

Your email address will not be published. Required fields are marked *

Hot Real Estate Offer

Real Estate In The Area

Boca Chica
Panama
This 2.3 acre parcel is located on Boca Chica Island. It sits on the corner of the beach and is a completely flat, very usable lot. It is loaded with old grow...
3
0 beds
0 bath
Land Size:2 acres
$199,000
Punta Paitilla
Panama
THIS BEAUTIFUL APARTMENT OF 3 BEDROOMS AND 2 BATHROOMS, STILL KEEPS THE CHARM OF THE 70s BUILDINGS, WITH SPACIOUS AND COMFORTABLE AREAS. A WELL-DONE REMODELING,...
3.0 beds
2.0 bath
Building Size:3,014 sq.ft.
$375,000
Barrio Colon
Panama
Excellent house Located near the highway Arraiján-La Chorrera, shopping centers, supermarkets, schools, restaurants, banks, etc ... It has three (3) bedrooms, o...
3.0 beds
2.0 bath
Land Size:0 acres
Building Size:980 sq.ft.
$72,000
See All Listings In The Area
Share
Tweet
Pin
+1
Share
0 Shares
Free Tropical Toolkit
Free 200+ Page Report: Top 57 Places to Live & Invest
  • The only book in the world that ranks investment and lifestyle in one place.
  • Over 200 information packed pages with hundreds of beautiful photos.
  • Download the book instantly (for free!) with this limited time offer.
*We value your privacy. No spam. Period.