The real estate market in Panama is on the rise, thanks in part to its stunning new architectural projects. Over the next five years, Panama is set to spend an impressive US$19.5 billion, focusing heavily on road infrastructure and water and sanitation improvements, which take up over 30% of the budget altogether. Of course, we also cannot ignore the role played by tourism, businesses, and the fast-growing expat population. With all these factors in play, it's no surprise that buying property in Panama is garnering attention from potential buyers around the world.
How to do due diligence when buying property in Panama
As with any real estate transaction, you should never rush into buying a property in Panama without first conducting thorough due diligence. This means thoroughly checking every detail of the property to confirm that there are no potential red flags. Below are important points to think about as you conduct your due diligence:
Authenticity of the title
The very first thing you need to do when buying a property in Panama is to verify the authenticity of the title. This means checking that the seller is indeed the rightful owner and has the legal right to sell the property. You can easily do this by requesting a copy of the title deed from the seller and having it verified by a local lawyer.
Property location and property condition
Always visit the property in person to assess its location, surroundings, and overall condition. If this is not possible, working with a trusted real estate agency can help provide you with accurate information and can visit the property on your behalf.
Local laws and regulations
Different areas in Panama may have different laws and regulations regarding land use and construction. It's important to familiarize yourself with these laws before purchasing a property to avoid any legal issues in the future. A knowledgeable real estate company or lawyer can assist you in understanding these laws and ensuring that the property is compliant.
If you're planning on buying property in Panama in the near future, take advantage of the expert knowledge and services of a reputable real estate agency like Panama Centro Realty. Visit their website at www.panama-real-estate.com/ to learn more about their services and properties available for sale.
About the Company:
Based out of Panama City, Panama Centro Realty is a duly licensed real estate company in the Republic of Panama. The firm represents properties throughout the ten provinces of the Republic and is committed to deliver a professional real estate experience to all of its clients.
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