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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Well it is starting. According to Panama Consumer Protection Agency (a government agency), there have been 183 complaints filed against real estate developers for defects in apartments. Remember when you are buying a condo site unseen because it is not yet built, this sort of thing is bound to happen. We might add as a guess that most of these complaints are filed by locals since the foreigners probably have no idea as to how to file a complaint in Panama so there may be a bunch more unhappy purchasers, just a speculative opinion. We should also add that some, not all of these complaints have been settled.
The problems reached such a significant level that the Convivienda ( a national association of housing promoters whose members are for profit developers and sellers mostly) is proposing a standard form be used by the sellers of these new yet to be built projects. This new form is supposed to be free of loopholes and fair to both sides. Fine. We are still waiting for a perspective buyer to show us the new form they have been presented with from the seller.
We always suggest that you do not buy anything that has not yet been completed. Never sign anything without an independent attorney that represents you and you alone reviewing the documents first. Never use an attorney referred by a realtor since that is a conflict of interest.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
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