As a buyer’s agent, in Region Panama, we work hard to find the property that best fits your needs. Region Panama is part of a network of more than 350 realtors in Panama. Hence, we can provide our clients with not only our own property listings but other agents listings. We go the extra mile with our services.
Once you decide to begin your search for a property in Panama, it is important to work with an experienced realtor. Moreover, a realtor who is familiar with the market and the different areas. Most importantly, a realtor in Panama who understands and can take good care of the process.
The 7 main pillars of our services as buyers agents:
- We are responsive and communicative in a respectful and timely manner
- Respect for your time
- To offer our buyers only those properties meeting their criteria and their budget. Also, properties priced well according to market condition, location as well as conditions of the property.
- We advise our buyers on every step of the process even before we find the property
- We negotiate the best possible pricing and terms
- Follow up with buyers and seller’s attorney to make sure the transaction is moving forward according to the terms agreed.
- Personally deliver the property once the process is completed. Also, to have a nice celebration over a choice of beverage or dinner.
Working with a realtor with many years of experience and a good reputation is key when selling your property in Panama. The most sounded names in the industry are not always the ones who can provide the best services and to find the buyer for your home.
At Region Panama, we provide a personal and reliable service. Moreover, we explain each stage of the selling process of your home in Panama. Also, you will know in detail all the costs involved in this process. Very important, we present you with a market plan for your property.
Carlos Camaño, Director and founder of Region Panama, is also a licensed realtor in Panama since 2004. After working many years in real estate, Carlos has built great relationships. Also, support with the most reliable and trusted realtors in Panama as well as many professionals in the industry.
Selling a property in Panama can be a great experience if you are clear about the process from the beginning. Also, if you are working with the right realtor providing the right services. You want to avoid surprises that will burn the deal before it starts cooking.
The 7 main pillars of our services as seller´s agents
- We are responsive and communicative in a respectful and timely manner
- Respect for your time
- To make sure you know and understand every process of the transaction before listing your property
- Advice on price based on market conditions, comparable and current conditions of the property
- Market your property thought the reliable and most trusted channels
- To assist in negotiating the best possible pricing and terms
- To handle the process so that the transaction moving forward according to terms and conditions agreed between buyer and seller and that the transaction has a satisfactory completion.
Real Estate Consulting:
Did you decide to buy or sell a property in Panama but still not clear about the process?. Perhaps, if you feel your realtor is not telling you everything you need to know. No problem, in Region Panama, we will be glad to have a chat with you. Also, get you back on track with the purchase or sale process of your property.
After 15 years in business, we have experienced many situations. For example, many clients in the past selling their property had no idea they owed property taxes. When they purchased, they were told there was a property tax holiday in Panama for 20 years. It was never explained in detail the exceptions and how this law was applied. Now they face the payment of back taxes and late fees. There is a process to be able to qualify for tax holidays on a property in Panama. Moreover, not all properties had 20 years of tax holidays.
It is very common to hear from sellers that they were told not to register the construction of their homes in Panama. Here is another one, don´t pay your property taxes until you have a buyer. If you still have doubts about the current status of your property, don´t hesitate to reach out for advice. We can also provide a full report on your tax situation and the status of your property.
Real Estate Tours Transportation services:
People considering Panama as their future home should consider a tour of the different neighborhoods in Panama. Still not sure which neighborhood best fits your needs and lifestyle?. Hire us for a personalized real estate tour. We´ll make sure you see and experience enough to make an informed decision. Rates will vary depending on the length of the tour and how far from Panama City you wish to explore.
After 15 years in real estate in Panama, we deal with literarily hundreds of attorneys. Some experiences have not been very pleasant. We work with a select group of attorneys with many years of experience. If you are still in search of a good and reliable real estate or immigration attorney, let us know. The attorneys in our network specialize mostly in immigration, corporate services, real estate, banking, and taxation.
As a Buyer or Seller of real estate in Panama, it is standard to hire a real estate lawyer. In a way, they are the version of the Title Insurance Company. The attorneys do the title search. They can deliver a full report on the legal status of the property. Also, any details you need to know about the property you are selling or buying. Moreover, your attorney can also represent you in the signing of any real estate transaction in Panama. Especially if you are not in the country. A Power of Attorney is required. Don´t have a bank account in Panama? Many attorneys provide money escrow accounts as well.
Buying an investment property in Panama is quite common. Also to buy a property for your future retirement and rent it in the meantime. A professional and reliable property manager who cares for your property as their own is not very easy to find. At Region Panama, we provide property management as part of our services. We also work with a hand full of professionals in this industry whom we know for many years.
The fees for property management in Panama varies depending on the property and location. For the most part, plan on US$ 150.00 per month for condos and $200.00 per month for houses. If your property is rented long or short term, a 10% to 15% of the rent is typical as a property management fee. Your property manager should be available to respond to any issues there is in the condo while rented.
Duties of a property manager also include:
- Collection of the rent
- HOA fee payment
- Payment of electric, cable TV and water bill (unless handled by tenant)
- Arranging of cleaning at any given time
- Check-ins and check-outs (If your property is a vacation rental)
- Arranging for AC maintenance
- To be able to coordinate the repairs of any issues with the property (plumbing, AC, painting, equipment installations, etc.)
Property taxes payment:
Paying property taxes in Panama is actually quite simple. If you have a user ID for the government´s DGI department, you can pull your property tax statement. With your property tax statement, you can go to any Banco General or Banco Nacional to pay it. You can also pay online if you know the system.
Setting up a user´s ID can take some time, especially if you don´t know the language. At Region Panama, we can help you pay your property taxes which are due every quarter (April, August, and December). Also, you can pay the year in advance. The Panamanian government charges a penalty for late payment. If you can afford it, it is best to pay for the year before April.
Check with us to provide this service and make sure you don´t fall behind on your property taxes in Panama. Especially if you are thinking of selling your home in Panama.
Property taxes in Panama have just been lowered. For your main residence in Panama which value does not exceed US$120,000.00, there are no property taxes. You have to register your property in Panama as your main residence to take advantage of this new tax law.
Below are the rates for property taxes in Panama for the main residence:
- 0% if the registered value of your property is under US$120,000.00
- 5% from US$120,001.00 to US$ 700,000.00
- 7% From US$700,0001.00 and above
For any other properties (commercial, industrial, second home, raw land) the property taxes are as follows:
- 0% if the registered value of your property is under US$30,000.00
- 6% from US$30,001.00 to US$ 250,000.00
- 8% From US$250,0001.00 to US$500,000.00
- 1% From US$500,001.00 and above
Furthermore, if you are buying a house or a condo for the first time there is a tax holiday. If the price is between US$120,000.00 and US$300,000.00 the tax holiday is 3 years. Keep in mind this is not automatic, you must file your property as your main residence in Panama. At Region Panama, we can assist you with this process.
Insurance in Panama:
You need fire insurance and Life insurance in the event you are financing the purchase of your home in Panama.
You may want to consider fire insurance with extended coverage which will cover several occurrences. For example damage for an explosion, windstorm, lightning, earthquake, floods among others. At Region Panama, we can be the link to your insurance agent in Panama.
Even though it is not common, nor a requirement by banks, title insurance is available in Panama. The rate is generally around 1% of the value of the property and it is optional. The insurance company would have to assess the risk prior to giving a quotation.
If you are working with the right attorney, a proper title search and report should be provided. This will ensure the property you are purchasing is in good order, free of any liens. Most importantly, that there is nobody else claiming ownership, no boundary disputes among other issues that may exist.
Regarding health insurance, car insurance, fire, theft, liability insurance for your condo/home, or office, don´t hesitate to contact us. We will put you in touch with a trusted insurance agent in Panama.