Thread: Looking for property - Brand New to This - Need Advise Please

My husband and I are visiting Panama this February. We want to seriously start looking at property we can purchase in the near future that we can retire to and build on about 15 years from now. Do we contact a lawyer first? Any reccommendations? Do we contact one or several realators? Should we set up appts in advance and with who? I have no idea where to begin! Any advice or input would be much appreciated!

Do you have any idea where in Panama you want to locate ???? Slow down !!!!! Take the time to visit a few times and make sure its what you want . Then rent for 6 months before you buy . I seen way too many people sale everything come down and in 6 months they are headed back to where they came from .

We want to be on the Pacific side. We will be keeping our property here in the States and are not moving now. We have another 15 years of working before we can retire. We are hoping to secure an empty lot now in Panama while prices are still good. When we retire, we plan to have our summer home here in the States (we live in Montana) and build a winter home on our lot in Panama. Does that make any sense? Can you still offer us any advise?

I have a lot for sale its titled 45 mins from Panama City in town called Lidice nice little town. It has 1200 sq mtrs or 12,900 sq ft. There is a stream on the property too. For sale $15k
let me know
Thanks George

Hi! Do your due diligence and figure out where you want to be (city, mountains, beach) and how far you want to be from the international airpots. Start doing google searches on that area and also buy travel books on PANAMA.

Spend some time here in PANAMA and drive around on your own. Find local hotels in the area where you want to check-out and spend time there. If you like it you can stay in the area longer, or if you don't like the area you can move on.

When are you coming in February? Carnival is February 13-16 and you are going to have a hard time finding places to stay if you haven't already booked. I know areas around Las Tablas, PC, Chitre, Penonomee, etc. are booked. Hotels as far as 2 hours away are already reserved.

I suggest you purchase a phone when you arrive, they are around $20 and you purchase the time as you need it. You can purchase the time in the way of cards anywhere.

Have a separate notebook for areas and keep good records of what you see. Also check the encuentra24.com, panamarealtor.com, gslrealestatepanama.com, etc. There is no MLS in PANAMA and no DISCLOSURE laws. Also if you are searching property be careful of some of the developments that start great go under or run out of money (see some of the articles in www.panama-guide.com

Always get the finca number (tax I.D. number). There is a website that allows you to check the information with the catastro (spelling) to see who it is registered to, how much the taxes are, if there are leins, etc. Only look at TITLED land; and none of the ROP or if the owner tells you they are getting the title. NEVER use the sellers' lawyer, have your own lawyer. There are too many horror stories about using the same lawyer or ROP and they are getting the title. Owners will list the land with several different real estate agents which is good, you can cross reference the price that way. Another thing is you should always get a new survey on the property--I know several instances where the property people bought was supposed to be 2 hectares and it turns out to be 1.1 hectares or part of the land is a national park.

I hope this helps and gives you some direction.

Mary
www.whypanama.com

Would add: make sure you use an escrow acc. No matter what anyone tells you including your lawyer. If you buy through a corporation make sure the resident member of the corp. forgo any payments in the future(signed and notarized). The best will be to appoint a neutral person that has no interest in the transaction.
If I knew I would buy it as privet person.
And last: I got a place in Caldera midway between David and Bouqete. All titled 4 hec.(finally, after an administrative ordeal). If you ever get to Boquete, Go to Isla verde round cabins hotel, see Eva Kipp –the owner, and she will tell you all about it. I am going there Jan 20 2010. My email monster dot coffee at gmail.
Good luck.

It will depend what are you looking for. For example, I know a physician that has 550 acres of land, near Las Tablas (which is an area that is developing tourism very fast), perfect to build a house and enough pasture to raise cows or other farm animals, if you want. Usually building a big house in this area (which is the option that the locals prefer, rather than buyin houses already made) will cost less than 100k. If you are interested in this, please write me back at my email Panama_house@live.com . Thank you.