What are the advantages of working with a Real Estate company?
The right real estate companies are authorized to offer properties and do them due diligence ensuring that it is in order always looking for the safety and tranquility of the client.
As real estate advisors we will always try to find the buyer the property that best suits your needs and that represents a good investment opportunity, as well as advise the seller to identify the appropriate customer.
What are the advantages of having the support of Alpha Group?
We are 5 partners and 5 well-known advisors within the Panamanian society, with wide access to any person in Panama, respected by the guild, and our purpose is only to improve the chances of success in all of our clients’ buying and selling businesses.
We are active in the Association of Real Estate Brokers, we are professionals of confidence and vast experience. With us, you will guarantee the security of your Real Estate management processes, as we are aware of all the processes, which allow us to support and advise, effectively, our clients.
Who pays the Sale / Rent commission?
In Panama, the owners are responsible for paying the commission to the Real Estate Companies.
Who should pay the taxes in a sale transaction?
The Owner / Seller
What taxes do I have to pay when I sell a property?
There are two taxes to pay:
Transfer of Real Estate (2%)
Advance of Profit (3%)
Also if a corporation is transferred, the tax payable is 5%.
Who pays the closing costs of a purchase / sale transaction?
Generally, each party pays its attorneys to review the documents. In the same way, the expenses of registration of the new property in the Public Registry are paid by the buyer.
Is it necessary to have an appraisal?
The most advisable thing is that the owner has an appraisal of their property so that it is clear about the value of it, since the banks demand it when giving a mortgage.
What documentation does a foreigner need to apply for a mortgage in Panama?
Photocopy of your passport
Photocopy of another identification document
Two letters of bank references
Two letters of commercial references
Photocopy of a public service (Water, electricity, etc.)
Financial statements for the last two years
Income statement for the last two years
Photocopy of the deed of ownership
Certification of ownership of the Public Registry
Recent appraisal conducted by a suitable company
Copy of the purchase-sale contract