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What does a Panama Real Estate Attorney do for you

What does a Panama Real Estate Attorney do for you | Choose Panama
A real estate attorney is a professional who specializes in and applies their legal skills to matters related to property, from everyday transactions to disputes between parties. If you are planning to buy a property in Panama, or any other country, it is advisable to hire a real estate attorney, since you must not be completely aware of the legal proceedings of the country. In this article, we will talk about what a Panama real estate attorney can do for you.

Help you draft and create legal documents:

Transactions related to the purchase and sale of real estate always rely on legal documentation. Hiring a real estate attorney would make sure you have someone with the required skill set and expertise to make it a hassle-free experience for you. They also provide official translation of the Agreement in English for you. Examples of documents needed to be made while real estate transactions include-

Provide Consultation:
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While doing a real estate transaction, the buyer and seller may need to consult a lawyer regarding various queries they might have. For example, they might want to know about the tax provisions for capital gains made on the sale. An attorney would provide all information and legal advice needed.

Conduct Due Diligence:

The lawyer reviews all necessary documents related to the property and advise the buyer on how to proceed. The lawyer will conduct a thorough research of the property and its owner at government departments and public registries about the building administration, taxes, property taxes, water and garbage, etc.

Help clarify vague or technical terms of the deal:

Real estate deals need to be dealt with a number of technicalities. A lay man might not completely understand the terms and conditions of it. This is where a real estate attorney comes in. To avoid getting into a legal trouble or losing money because of not understanding the technicalities, one hires an attorney. 

Obtain clearance certificates (IDAAN and real estate tax):

A real estate attorney will review relevant documents to confirm that these are paid and in good standing by getting clearance certificates mentioned above.

Update ownership of the property at ANATI.

Your attorney will update the owner and Catastral value at the National Authority of Land Administration, Autoridad Nacional de Administración de Tierras (ANATI).

Apply for the Taxpayer Identification Number for the property

Your attorney is supposed to obtain a NIT (sepal taxpayer password) at the DGI so the buyer can pay annual real estate taxes and review all property information online. She will also get the NIT, tax clearance certificates, and all relevant taxpayer identification numbers from the seller on your behalf.

After the deal goes through and everything is done, your attorney would send you all the public deeds and relevant documents. In case of a legal land dispute, she will also represent you.
 
If you’re planning to invest in real estate in Panama, contact Choose Panama on (214) 431-5235 for the best real estate attorney.

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