buying a house in panama

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EC Member

Member since 13 December 2009

ECMember24 March 2010 17:18:21

Hello,

We currently have our home in Edmonton, Alberta for sale and are planning to retire and buy a house in Panama when our house sells. We would like to come down to Panama in the mean time and look at houses in Boquete and Altos del Maria. What I am wondering is, is it a normal practice to give a deposit (to be held in trust with a lawyer) subject to the sale of our home here?

Any advice would be greatly appreciated.

Thanks,

Charlotte

panamacoastproperty Member

Member since 17 March 2010

panamacoastpropertyMember25 March 2010 20:33:36

Charlotte,
There are many different practices for real estate. My two biggest recommendations is to find a good local lawyer, if there is one in your desired area - that is a double bonus. The other one is to speak with people when you get down here and ask opinions of people that did the same thing as you.
Check out this link, it may seem harsh at first reading, but it provides great insight and the recommendations are spot on for people looking to buy a house:
thepanamareport.com/real-estate-in-panama/panama-investment/panama-real-estate-warning---blood-on-the-streets-739-122.html

Do you research, meet people, and remember - it's an adventure, have fun!

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