| Contract | Purpose | Key Clauses to Watch |
|---|---|---|
| Promesa de Compraventa (Promise‑to‑Buy) | Reserves the property and sets closing timeline | Deposit amount, penalty for default, force majeure, financing contingency |
| Escritura Pública de Compraventa (Sale Deed) | Final transfer registered at Public Registry | Correct folio real, price in words & numbers, tax clauses, encumbrance release |
| Option to Purchase | Locks price for 6–12 months (pre‑construction) | Option fee, extension rights, refund terms |
| Lease with Option to Buy | Tenant builds equity during rental period | Rent‑credit formula, purchase deadline, maintenance duties |
| Escrow Agreement | Governs release of funds | Trigger events (registry receipt), dispute resolution, bank/agent fee |
All contracts drafted in Spanish are the legal version; bilingual addenda recommended for clarity.
| Task | What the Notary Verifies |
|---|---|
| Identity | Valid passport / cedula and signatures of parties or attorneys‑in‑fact |
| Capacity | Corporate board resolutions or POA validity in Registry |
| Tax Clearance | Transfer tax & capital‑gains advance paid (DGI receipts) |
| Property Data | Folio real number, boundaries, and encumbrances match Registry |
Notary fees range US $250 – $600 depending on location and sale price.
| Item | Standard Practice in Panama |
|---|---|
| Escrow Agent | Local bank trust division (e.g., Banistmo Trust) or licensed fiduciary company |
| Deposit | 10 % upon signing Promesa; balance on deed day |
| KYC Requirements | Passport, proof of address, source‑of‑funds letter |
| Release Conditions | Notary‑signed deed + Public Registry filing receipt |
| Fees | US $350 – $600 flat, paid by buyer |
AskPanama holds a client‑trust account at Multibank for faster domestic transfers and same‑day USD wires.
Deliverable: Digital binder + attorney opinion letter within 48 hours of receiving documents.
| Package | Scope | Fee |
|---|---|---|
| Basic Title Check | Folio real search + encumbrance report | $350 |
| Full Due‑Diligence Kit | 15‑point checklist + opinion letter + Promesa review | $950 |
| Closing Concierge | Full Kit + escrow setup, notary coordination, registry filing | 1 % of purchase price (min. $2 000) |
| POA Remote Closing | Power of attorney draft, apostille guidance, signing on your behalf | $500 |
Third‑party costs (escrow, notary, registry) billed at cost.
| Phase | Days |
|---|---|
| Document Intake & Quote | 0–1 |
| Due Diligence Research | 2–5 |
| Promesa Draft & Deposit | 5–7 |
| Closing & Registry Filing | 7–14 |
Total: 14–21 days for cash deals; add bank financing time if applicable.
Questions? WhatsApp +507‑6933‑3333 or chat live.
Contracts iron‑clad. Title crystal‑clear. That’s AskPanama due diligence.
