Many people who want to buy a house or apartment. However, doubts and uncertainty that arises at the time of purchase, are common to everyone. It is well known that in Panama, the real estate market has grown a great deal. Then we will see what are some of the steps to acquire real estate in this small guide “my first home in Panama”.

My first home in Panama – Gogetit Data

* You must know the total budget made available for investment.

* It should be noted that the location of the property is a key purchasing decision factor to be taken.

* The apartments are located near residential areas and commercial areas, often more expensive, while those located to the outskirts of the city, offering cheaper alternatives.

What to do when buying property in Panama? What should I take into account for this? What do I need to know to make an informed decision? All these questions, among others, often spend per head at some point in our lives, we are in the country to be.

One of the reasons for the large housing growth in recent years, the comprehensive financial offer of the banking sector and the possibility of applying for a loan or mortgage to buy a home should be.

The first thing you should do is know how much budget do your home. Based on that, we start to look at different areas. Importantly, the location of a property, greatly influences the cost of it. In this way, the properties are located near the financial and commercial centers are often more expensive than those outside of the city. Some of the areas that are characterized by high prices are: Punta Pacifica, Paitilla or Costa del Este, while in areas like Versailles, Chorrera and Arraiján, you can buy a more affordable housing by being located on the outskirts of the city.

After learning how much money has, if you like house or apartment and have a location, it is all about the mortgage process. To apply for a mortgage, you must collect various documents that are part of the requirements requested by the bank. The status of resident or non-resident foreigner in Panama, influences the precautions that must be delivered, as the interest rate that will pay.

The letter of employment or income support and copy of last pay stub is a must, followed by copy of identity card or passport. To this we may attach a bank letter of reference but should be independent, evidence of two years experience in a commercial activity, the last two tax returns and solvency payment of income tax is requested. Another collection is the last required social security card.

Once approved credit, you must sign a document of terms and conditions, and a letter of commitment to pay. Before starting the management must make sure to have a life insurance and fire, both are important to protect the investment made in their first home in Panama. If property is not purchased with a mortgage or is a second-hand property, it must have a lawyer in charge of making the relevant legal procedures to the operation or transfer of the property. It is important to ensure that all documentation is accurate and available an amount of money to defray legal costs (Public Registration and management of processing the mortgage, if applicable).

Once delivered all documents required to apply for a mortgage, you must wait for approval by the bank. Then, it proceeds to draft a document called writing that includes all the conditions that the mortgage was approved, the characteristics and limits of the property, the house number, volume and page number of the property. Firms (buyer, seller of the property, the mortgage issuing bank) is collected and sent to the notary and then enter the Public Registry, there may take approximately 15 days for registration. Upon completion of this period, the check for the agreed amount, the name of the seller or owner of the property is issued. When the mortgage is canceled, the title to the acquired property will be received.

See more information here.

If you’re looking for information on buying apartments in Panama, be sure to enter www.gogetit.com.pa.

Silvia Merida Pellicer
Gogetit Content Manager. Author of important reviews for Gogetit News, “The #1 Source for real estate news in Panama.”
Specialized in the search and analysis of the most important news about real estate in Panama.