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LIC. ROBERTO I. GUARDIA R. ORILLAC, CARLES & GUARDIA, Abogados-Attorneys at Law Ave Samuel Lewis y Calle 58 P.H. Torre ADR Technologies, Piso 7, Office 7-A Apartado 0816-04373 Panama 3, Republica de Panama Office: 507.263.3917 Cell: 507.612.5429 Fax: 507.263.3924 As a foreigner, you have the same benefits and rights as a Panamanian citizen. In Panama, getting a mortgage is almost as easy as in the U.S. 30-year fixed rate mortgages are available, but the deposit is usually around 20% of the property's value. Title is registered with the Registro Publico. Don't use the seller's lawyer. And check the title before you buy. I am not a real estate professional but these are my observations: PANAMA REAL ESTATE TIP #1. The Panama real estate prices are inflated on the internet. PANAMA REAL ESTATE TIP #2. Many of the beach front properties are being sold as closed communities. This closes off the beach to the locals. It appears tha the locals are rather irritated of this trend. In a trip to the beach, a well-known beach was closed off to the public. Later, we found another beach used by the locals. They fried fresh fish on the beach with plantains for a $1. Two ATLAS beers for a $1. PANAMA REAL ESTATE TIP #3. Make sure you hire a lawyer, do a title search and check things out with the bank. The appraisal should place the property into perspective in terms of pricing. PANAMA REAL ESTATE TIP #4. Tops of mountains and hills are preferred so they can license the land to the cell phone companies. PANAMA REAL ESTATE TIP #5. Watch out for potential scammers. Although they don't permeate Panama real estate transactions, one of them can ruin you're whole day. Don't believe everything you hear. Several of them are on the internet and others are can be hanging out in your hotel. Use an established real estate broker. PANAMA REAL ESTATE TIP #6. Finance what you can with the financial institutions in Panama. They'll make sure that what you're buying is actually worth it. 30-year mortgages are possible in Panama at low interest rates. You may need at least 20% down. PANAMA REAL ESTATE TIP #7. An excellent contact in Panama for real estate transactions is TRIBALDOS REAL ESTATE CORP. Ask for Andy Marciaga, a real estate broker with this firm. He treats people fairly, is professional, hard-working and straight forward. He works hard for his clients and gets results. As an example, a client was in a rush to open an office in Panama. Andy made the list, toured the client through the office options, negotiated a better office lease, and convinced the owner that he had to paint the place prior to the effective date on the lease. He saw to it that all the paperwork was filed correctly. The most impressive part of this transaction was the amount: A small transaction. This man handled the search for this small office with the same priority as his large accounts. Tribaldos has a great reputation in Panama City for a fair deal. The owner and his wife are hard-working and honest people. He's very enthusiastic in helping his clients and are very accommodating.
Here's the contact
information for Tribaldos Real Estate Corp. Lic. Andy A. Marciaga H. Real Estate Broker Plaza Pacifica, Office 12 Box 0890-WTC Plaza Pacifica, Ofic. No 12 R.U.C. 269459-1-405865 D.V.
11 300.2222 cell 628.5789 fax 300.1085 You want the real estate broker to look out for you--not just to sell you something. That's what was found with Andy A. Marciaga at Tribaldos. He guided the client around his mistaken assumptions and made suggestions that made all the difference. PANAMA REAL ESTATE TIP #8. That same client had a negative experience with an international real estate company. The ball was dropped by another real estate firm. Bigger doesn't always mean better. You want the firm to be established. But personal service and going the extra mile means everything when you're buying real estate in a foreign country. PANAMA REAL ESTATE TIP #9. When you lease an office in Panama, you'll pay the first month's rent to the landlord. You'll pay the rent plus 5% (tax). One month worth of rent is deposited with MIVI. The MIVI office receives and keeps the deposit until you leave the office. The owner of the building will inspect the place before you leave and sign off that the place is in good shape. Then the deposit is returned. Consider MIVI an escrow agent of sorts. This is so you're not ripped off of the security deposit. You'll also pay $4.80 for Timbres. This is a notarization of sorts. PANAMA REAL ESTATE TIP #10. The lease is in Spanish. You can pay to have it translated or perhaps in English. Ask your attorney to look at it if you have questions. PANAMA REAL ESTATE TIP #11. Space is measured in square meters. The cost is measured is USD per square meters. PANAMA REAL ESTATE TIP #12. Toward the end of the lease, you have up to 30 days to tell landlord that you're staying. PANAMA REAL ESTATE TIP #13. Don't pay the lease for two months and you're out. Your property is then thrown out. PANAMA REAL ESTATE TIP #14. Property taxes are 2% of the purchase price. New homes don't pay property taxes for 20 years. PANAMA LAWYER LIC. ROBERTO I. GUARDIA R. ORILLAC, CARLES & GUARDIA, Abogados-Attorneys at Law Ave Samuel Lewis y Calle 58 P.H. Torre ADR Technologies, Piso 7, Office 7-A Apartado 0816-04373 Panama 3, Republica de Panama E-mail: rig@orcag.com Website: http://www.orcag.com Office: 507.263.3917 Cell: 507.612.5429 Fax: 507.263.3924 |
PANAMA'S
TRANS-CONTINENTAL RAILWAY The railway is now 150 years old and it's running at a constant speed. There are 2000 shipping containers moving every week and many commuters. Panama is growing at fast clip, evident by the numerous cranes along it's Panama City skyline. |
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