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In Panama there is a current real estate boom, or something that appears to be a boom. People are moving here and speculating on rapid price appreciation, also known as flipping. One needs to be careful about signing real estate contracts in Panama. Our law firm normally charges $300.00 to review a real estate contract and this is going to be money well spent. We can also use the contract negotiation process as a price negotiation vehicle as well. Give us a call or send us an email to inquire.
Panama Real Estate Broker Supplied Panama Corporation or Foundation – It all sounds great. You buy a home from them and they throw in the Panama Corporation. What they may not be telling you is how much money the renewal fees are going to be for the corporation starting in year two. We charge $695.00 in complete annual fees starting in year two for a corporation or foundation. We have seen others charge twice this amount. If you pay an extra $500.00 a year for 15 years that is $7500.00 extra you are paying for the house. An additional problem is the lack of attorney client privilege. A study of public records would reveal that many if not all of the owners of condos in your building used the same lawyer to form their company, remember they got the corporations for free. They look at who the resident agent is and see the match-ups. Then they see the real estate brokerage office has the same address of the lawyer and now they can get into your non-privileged real estate records and tie you to the corporation directly. If they are lazy all they need to do is drop in on the lawyer and talk corporation formation for real estate and wait until he refers them to the broker who is really paying him or her by salary. So getting this corporation or foundation for free may not be such a great savings since it puts a big hole in your asset protection structure.
Panama Real Estate Project Fails to Complete – Let us say you are an aggressive investor and you invest in a condo. You have made three payments of 10% and now you learn the project is not going to go forward. Perhaps the demand was not there. Perhaps too many investors have not come up with the subsequent 10% payments and the bank has gotten scared and pulled back. Of course the developer should refund all of the money with interest in a perfect world but looking at markets in other countries leads one to believe that may not happen. What do you do? Well all of your choices are poor. Usually litigation will not be cost effective. The government may or may not be helpful, a lot would depend on the circumstances, the contracts etc. There may be no assets to collect from. It can be a variety of scenarios. If such a thing happens to you feel free to contact us as a potential client and we can discuss the issues.
Panama Real Estate Builder Behind Schedule – Ok you have found that perfect piece of beachfront property and are building your dream house. The developer is three months behind schedule? What do you do? Well this is not such an uncommon event. There are raw material shortages in Panama now due to the building boom. We have heard of people hiring a builder who speaks English off of a job to work on their house by paying him 15% more. If you are having problems contact our law firm as a potential client and we can review the agreements and circumstances and see what legal options are available to you in Panama. Inquire by email or phone.
Panama Real estate Purchased by a Panama Corporation - You do not have the Shares. This is a real bad situation in that without the shares you do not control the Panama Corporation. There are things can be done but consult with us soon.
Panama Real Estate Purchase Made, Money Wired & No Contract – This is a real bad event. Contact us sooner than later and we can get into this as your law firm.
Rented a Panama Apartment with no Written Contract – Get in touch with us soon. This can leave you open for liability and needs to be corrected.
There are many other problems that can occur in the real estate building and/or purchase process. Give us a call or email to discuss your legal options.
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