Purchase of Panama Real Estate from a Real Estate Developer under your personal 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 obtain a property history and check for legal claims or liens.
   3. To verify if the property is free of any restrictions or encumbrances.
   4. If the seller is a legal entity, verify that the person signing the contract has the authority to do so.
2. General Revenue Directorate of the Ministry of Finance (DGI):
   1. To verify if the property price has 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. National Authority of Land Management (ANATI):
   1. To verify if the property value has been updated.
4. Water institution (IDAAN):
   1. To verify if there are any outstanding water bills.
5. Garbage Disposal Company
   1. To verify is there are any outstanding garbage disposal bills
6. Electrical Power Company:
   1. To verify if there are any outstanding electricity bills.

1. Revision of the Promissory Purchase and Sale Agreement.
2. Revision of the Final Purchase and Sale Agreement.
3. Revision of 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.
4. Appearing before a Notary Public along with the seller or their legal representative for the signing of the purchase and sale deed.
5. Following up the submission of the Public Deed of Purchase and Sale Deed at the Public Registry Office for transfer of title to take place.
6. 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.
7. Updating the records in the Directorate of Revenue to have access to the property tax information.
8. Overseeing the entire purchase and sale transaction from start to finish.
9. If the client is not in Panamá, drafting a Power of Attorney to manage the real estate transaction from beginning to end.

ATTORNEY FEES:

ESTIMATED EXPENSES

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; expenses are not included.

ESTIMATED EXPENSES FOR REGISTERING A POA

Note:

• We will notify you immediately if we require additional expense money.
• The buyer must cover the Notary Public's fees for drawing up the public deed of purchase and sale, as well as the registration fees for the deed at the Public Registry Office.
• The registration fees are based on the sales price.

Payment Schedule:

• We require a cash advance of US$1,500.00, plus an additional US$100.00 for the initial expense.
• Any remaining attorney fees balance shall be paid once the purchase and sale transaction has concluded.

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