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Steps before selling Panama property are necessary. They facilitate the purchase-sale process and brinks security and transparency.
1. First, property owner sends us the “Finca” number and signs a service contract with the real estate agency. Also, the real estate brokerage fees are usual and customary in the Panama area: in the Panama City perimeter (5%). Depending on the location, the property location increases from 7% to 10%.
2. Important to realize the seller hires an appraisal company recognized by the DGI and Panamanian banks. At the same time, the real estate agency researches market prices of similar properties in location and improvements. Then, the real estate agency performs the due diligence of the property in the public registry.
3. In addition, the tax status of the property is verified. If the property didn’t register in the Tax General Direction of Panama (DGI), we recommend using a lawyer or accountant of your trust. And, after the register, the property has an NIT (tax identification number). We proceed to verify property taxes and exemptions on improvements.
4. So, the seller updates the property in ANATI.
5. Furthermore, the amount of alienation (2%) and the occasional gain (3%) is estimated based on the quick sale value of the property. The DGI makes the final calculation considering the value of the cadastral update or the value of the purchase sale. (The higher of both).
6. Our agency prepares the property presentation and starts promotion on our website and different real estate boards. Also, promote our customer database.
7. Besides, the interested parties are interviewed and coordinate the visit to the property. We suggested to the buyers a mortgage credit pre-approval from a local bank.
8. Moreover, after visiting the property, we ask to write a property offer from the buyer for the seller. If the seller accepts it, we prepare a reservation agreement in case the buyer requires a mortgage loan or directly the contract sale (if the buyer does not need a mortgage loan).
9. Additionally, after the bank approves the buyer’s mortgage for the purchase. Also, with a copy of the deed of the property for sale, the seller’s identity card, and the purchase contract, the DGI calculates the purchase taxes.
10. Besides, when the seller’s bank receives the buyer’s bank’s promised letter of payment, we pay the taxes (2% & 3%). At the same time, we ask for IDAAN and PH peace and safety it is necessary.
11. Finally, after the bank receives and verifies the documents, proceed to make an appointment with the buyer and seller to sign the property title. Once both parties signed the property title and delivered it to the notary’s office. Then, from the notary’s office, the property title (escritura) goes into the Panama Public Registry, and the bank makes the resulting disbursement to the seller.
Of course, contact us at the moment you consider necessary!