All buyers must analyze before signing a contract, cost-benefit ratio:
You must know or request due diligence from the developer(seller) and, if possible, the project builder if it is a property under construction.
You must know your rights and obligations, which in principle must be stated in the purchase contract.
You must submit the real estate that you have to buy to a professional inspection to detect possible hidden defects.
1- Sellers/Promoters are subject by law to know their client and the source of their funds in accordance with the law 23 of 2012, through due diligence.
2- Ensure you know the tax consequences for the transfer of a property strictly complying with Panamanian tax laws.
3- If the property to be sold is registered in the horizontal property regime, you must submit your contract to the law and its regulations.
1- In addition to keeping in mind the recommendations given to buyers, you should know and comply with Panamanian tax obligations according to the registered owner.
2- If the property is part of a horizontal property regime, the owner must know their rights and obligations that emanate from the Horizontal Property law and its regulations.
3- If the property generates income from leasing, even if it is a residential property, the owner must issue a monthly invoice or receipt, regardless of the lease fee charged within the monthly period, to comply with the provisions of Law 76 of 1976 (updated).
4- Likewise, do submit the corresponding annual sworn declaration of income established by the Tax Code. Not doing so carries penalties.
