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Purchasing Real Estate in Your Name

We are pleased to provide you with a detailed explanation of our services and fees as outlined below:

Due Diligence and Title Search:

  1. Public Registry Office:
    1. To verify the property´s ownership records.
    2. To confirm whether the property is free of any restrictions or encumbrances.
    3. If the seller is a legal entity, verify that the person signing the contract has the authority to do so and that it exists.
  2. General Revenue Directorate of the Ministry of Finance (DGI) and National Authority of Land Management (ANATI):
    1. This is to verify if the property records have been updated and property taxes have been paid.
    2. If the seller is a legal entity, verify that the franchise tax fee has been paid.
  3. Water institution (IDAAN):
    1. To verify if there are any outstanding water bills.
  4. Garbage Disposal Company
    1. To verify if there are any outstanding garbage disposal bills
  5. Electrical Power Company:
    1. Verify whether there are any outstanding electricity bills.
  6. Revision of the Promissory Purchase and Sale Agreement.
  7. Amending the Promissory Purchase and Sale Agreement.
  8. Revision of the Final Purchase and Sale Agreement.
  9. Drawing up the Public Deed of Purchase and Sale Deed (“Title Deed”) containing the final purchase and sale agreement and the other documents required for the closing.
  10. Appearing before a Notary Public along with the seller or their legal representative for the signing of the purchase and sale deed.
  11. Submitting the Purchase and Sale Deed at the Public Registry Office for transfer of title.
  12. Submitting a copy of the registered Public Deed to the National Authority of Land Management (ANATI) to update the ownership information and property price for tax-related purposes.
  13. Updating the records in the Directorate of Revenue to access property tax information.
  14. Overseeing the entire purchase and sale transaction from start to finish.
  15. If the client is not in Panamá, drafting a Power of Attorney to manage the real estate transaction from beginning to end.

ATTORNEY FEES:

Description

Amount in USD

Comments

Due Diligence

250

Revision or drafting the promise to buy contract

550

The fee includes the Follow-up contract revision

Notarization of the deed

250

The fee does not include the Notary expenses. The fee includes the final contract.

Registration of the deed

150

The fee does not include the Public Registry registration fee.

Updating records at ANATI

75

Changing the registered email of the property at DGI

75

Attending the contract signature and the deed signature

150

Per appointment

Notarization of contract and other documents

35

Per notarization

Approximate Total

1535

ESTIMATED EXPENSES

Description

Amount in USD

Notary fee for drawing up the public deed of purchase and sale

80 to 250 (Fee depends on the extension of the purchase deed and the fiscal stamps)

Public Register fee

Depends on the sale price or the cadastral value, whatever higher.

Land Authority (ANATI) fee for records update

5

Notary fee for signature certification

25

Monthly Notary fee for check custodian if the final payment is through a check.

250

Note:

  • The fees are approximate.
  • We will notify you immediately if we require additional expense money.
  • Any additional services not contemplated will be charged separately.
  • If a real estate reservation agreement is required, the fee is USD 350 for drafting or revising such an agreement.

If the buyer is not in Panamá, we can represent you through a Power of Attorney. Our legal fee for preparing and registering a POA is USD 450.00

ESTIMATED EXPENSES FOR REGISTERING A POA

Description

Amount in USD

Translation fee

12 per pages

Notary fee

up to 250

Public register fee

29

Note:

  • If the buyer is in Panama but must leave the country before the sale is finalized, the interpreter fee for assisting with the reading of the Power of Attorney (POA) is approximately USD 150.00.

Payment Schedule:

  • We require a cash advance of USD 1,500.00, plus an additional USD 500.00 for the initial expense.
  • The remaining attorney fees balance shall be paid once the purchase and sale transaction has concluded.

For more services, email us at lill@kerycruz.com