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Selling Property in Panama

Updated: Nov 26, 2022

So, you want to sell your property in Panama? We’ve got the answer for how! Follow our easy guide below and within no time at all (depending on location), we can send an expert real estate agent to meet with you and make sure everything goes smoothly.

1. Pick a Strategy for Selling Your Panamanian Real Estate When selling a home in Panama, you need to think about what's most important - getting your property sold as fast and for the highest possible price. This will largely dictate whether or not there are any negotiating points available with potential buyers; it also helps an agent working on behalf of sellers determine how best they can market your home or land

2. Select a Realtor to work with in Panama

The realtor will help you sell your home for the best price, show it off to potential buyers and make sure that everything goes smoothly. Most importantly a good real estate agent will help to market your property to as wide an audience as possible in Panama. In addition they can negotiate on behalf of their client.

3. Set the asking price

A full valuation from an expert can help set realistic asking prices, ask your real estate agent for their opinion on what might work best in order to get offers most agents know the market well as they deal in it everyday! Setting an unrealistically high price will hinder the sale of your Panama property. Setting prices too low may also reduce its appeal as buyers might think there are hidden problems with it, so be sure to get professional help for this important task!

4. Stage the home

Staging is important if you want to make your property in Panama a hit! Staging is not a very common practice when selling a home in Panama and this is why doing it can really set your house apart from all the rest and help it to sell faster.

Before selling your home, make sure it looks its best. A new coat of paint may cost you $1,000 but don't forget that this can add up to another $10,000 from buyers. So take care with small repairs like fixing chipped counter tops or dirty windowsills because those things really matter.

5. Showing the Property

Potential buyers are not interested in your home; they're looking for a place to call their own. So tidy up the house, wash all those dishes and keep pets out of sight! You can put away that old picture album too-you don't need any more reminders about last summer's beach days.

6. Negotiating

Getting a good deal is everyone's goal. But you need to know what makes your property so special that would make someone buy it without thinking about the price first, right? Your Panama Realtor should be able help with this because they generally has access or similar properties in comparable areas which can give an idea on how much something might sell for elsewhere nearby (or even just advice as far whether or not buying).

7. Take the offer

As soon as you receive a formal offer to purchase your home, it is time for the next steps in getting that deal sealed. You'll need an experienced real estate professional on board here because this process can be delicate and deals with sensitive information like bank account numbers or tax returns!

Once you accept the offer lawyers will need to get involved with a “Promesa de Compra” contract signed by both buyer and seller. This document states the intention for the seller to transfer the property to the buyer in exchange for the transfer of an agreed amount of money (the negotiated selling price) and all conditions to be met. These conditions will include the buyer verifying the condition of the property and producing the required money for the purchase. This is also accompanied by a deposit typically of 10% of the purchase price

8. The final completion

There will be a lot of papers to be signed and filed before the process is completed. This may include paying off any mortgage loan you may have on the property, If you are selling your property make sure all your property bills and tax payments are 100% up to date.

Once all the papers have been compiled, verified and signed and the payment transferred then the deal will be completed. Make sure you have a good Panamanian lawyer involved that will get all of the paper work dealt with properly and in a timely manner.

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