From condo hunting to title registration—this guide walks you through every legal and practical step of a Panamanian real‑estate purchase.
| Step | What Happens | Typical Timeline |
|---|---|---|
| 1. Property Search | Listings, agent tours, comparables | 1 – 4 weeks |
| 2. Offer & Price Agreement | Verbal or email acceptance | 2 – 5 days |
| 3. Promise‑to‑Buy Contract (Promesa) | 10 % deposit to escrow | 5 – 7 days |
| 4. Due Diligence & Title Search | Public Registry, liens, HOA debts | 7 – 14 days |
| 5. Final Sale Deed (Escritura Pública) | Signed at notary, funds released | 1 day |
| 6. Registration at Public Registry | Ownership officially transferred | 3 – 10 days |
| 7. Utility & Tax Updates | Water, electric, municipality | 1 – 3 days |
Total closing time: 4 – 6 weeks for a clean title; add time if bank financing is involved.
Binds buyer & seller; sets price, deposit, and closing date.
The final deed notarised and filed with the Public Registry.
Allows AskPanama to sign on your behalf if you’re abroad.
| Item to Check | Why It Matters | Where We Verify |
|---|---|---|
| Legal Owner | Confirms seller has right to sell | Public Registry folio real |
| Liens & Mortgages | Unpaid debts follow the property | Registry encumbrance sheet |
| Cadastral Plan | Matches boundaries & square meters | ANATI cadastral map |
| HOA / Condo Fees | Outstanding dues transfer to buyer | Admin certificate |
| Rights of Possession (ROP | ROP land is not titled—higher risk | Ministry of Economy & Finance |
| Historic Taxes | Property‑transfer & municipal taxes current | DGI & Municipio |
AskPanama Advantage: We provide a written Title Opinion Letter signed by a licensed attorney within 48 hours of your document upload.
| Cost | Who Pays | Rate / Amount |
|---|---|---|
| Transfer Tax | Seller | 2 % of cadastral value or sale price (higher of the two) |
| Capital‑Gains Advance | Seller | 3 % of sale price |
| Notary Fee | Buyer | $250 – $600 (location & price dependent |
| Public Registry Fee | Buyer | 0.3 % of sale price (min. $100) |
| Legal Fee | Buyer | 1 % of purchase price (min. $2,000) |
| Escrow Fee | Buyer | $350 – $600 |
Tip: For pre‑construction, ITBMS (7 % VAT) applies on first sale; resales are VAT‑exempt.
| Lender | Max. LTV | Term | Notes |
|---|---|---|---|
| Banco General | 70 % | Up to 25 yrs | Residency or 30 % down + income docs |
| Banistmo | 60 % | 20 yrs | Life‑insurance policy required |
| Scotiabank | 70 % | 25 yrs | Prefers titled condos in Panama City |
Most banks ask for: passport, second ID, two years of tax returns, bank statements, and a credit report translated to Spanish.
Questions? WhatsApp +507‑6933‑3333 or chat live.
Find. Verify. Close. Move in. With AskPanama.
