Home Buying Process in Panama Pt. 1

soldIn the US, I would say, “we bought a house” and in the next couple of weeks the seller would move out and the buyer would move in. The deal would be recorded and done.  I suspect that it will be a little different here.

Today, we signed a “Letter of Intent”.  It just states that we want to purchase a piece, or in the case, 2 pieces, of property.  It has been probably already been faxed to the seller, who will sign and return it,  and then the process actually begins.  What comes next is more paperwork and a very small down payment.  After that, I am not sure.  I don’t think it makes a difference that the seller lives in the US.  It just takes that long for the two lawyers to check and recheck to make sure we are buying property that will be legally ours with no other claims, back taxes or mortgages.

A cash sale can be done in days in the US, but not in Panama.  There are renters in the house that we intend to buy.  They need to find a rental in a very tight market. Since we are very flexible about our move-in date, we are hoping to move in the August/September timeframe.

We have notified our landlady, Ruth/Marta, and she said she was very pleased for us and we would have no problem getting our rather large deposit returned.  She asked us to help her find another tenant.  That will be no problem since this house is great and rentals are REALLY hard to find in Boquete, even in the low season.

Another trip to South Florida to arrange for loading and sending our 20 foot container to Colon, Panama.  From there, it will be sent to Boquete.  I will unpack things that I packed 1 1/2 years ago.  And then I will probably wonder why I packed so much junk.  We shall see.

 

 

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I recommend that future expats visit the links below.

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******************************************************************************************** living in Panama

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Blog Expat: living abroad

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expat exchange

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4 thoughts on “Home Buying Process in Panama Pt. 1

  1. So have you finalized the purchase of your new home? I really enjoy your blog. I look forward to retirement in 20 years and I would consider Panama because of your experiences so far.

    • Not yet. It takes about 60 days here and there are renters in the house that need to find a new home. But they have been great about letting us in. Come to vacation in Panama. It’s beautiful!

      • I may.. But currently I am living in Asia and it is a bit too far. I am hoping to get an international job in South or Central America hopefully next year.. If not I might just stay in Asia for a year or two more. Once I am closer though I intend to visit. My heart says this is where my son and I should be. Thank you for sharing your story it made me think I can retire anywhere! Florida was the original plan until I found your post and now the world is an option!

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