Real Estate

Buying a property in the Republic of Panama is an easy task. You may buy directly in your name independently of where you are from, or you may choose to buy through a Panamanian Corporation or a Private Foundation. The advantage to buy real estate in Panama through an entity is that it would become a separate patrimony protected from any legal action, would protect also your identity if so you desire, and in case of private foundations, it may work as a will without future need of probate proceedings before local courts.

When buying rural lands, either in Boquete highlands, or in a Panamanian beach, the potential buyer should physically check that there are no intruders living on the land, neither border conflicts or claims from neighbors.
As regards rural lands, you could find sellers who do not have a registered title but only possessory rights. Although the purchase of possessory rights is legal, you should be aware that the occupancy of the land is extremely necessary to protect your rights, which you could do through tenants or employees. The purchase of these rights is more complicated and require the physical inspection of the land, trace the history of the seller in that land, and search court records for any existing litigation.
You may buy a large piece of land as investment, or for a development. In this last case it is necessary to check what uses are permitted by authorities in the specific location.

Once you choose a land, personally or by internet, you may engage our firm to represent you in the purchase even if you are not in Panama. You may find an increase in prices when you approach a seller directly as a foreigner.
Before signing any contract with a seller, the buyer should order the carry out of a search at the Public Registry to confirm who is the owner, how many meters the land has, legal restrictions on the land, mortgages and so on; a further review of records in the Judicial System may reveal if the property is under litigation. The inspection of title documents of the seller is also advisable in some cases. Purchase deeds must always be closed before a Panamanian Notary Public either by the buyer personally or by a proxy and recorded at the Public Registry.
Auctions of properties are regularly held by Courts in foreclosures cases and any person, even foreigners are permitted to buy. In these days really low prices may be found if you are interested to buy in the Colon Free Zone.
CAJIGAS & CO. is a Panamanian law firm with vast experience in drafting purchase deeds, price negotiations, land inspections and closing deeds in any point of the Republic of Panama. we are experts in the legal aspects of real estate in Panama.