To sign a Purchase and Sell Contract and also the Covenants and Restrictions between the seller and the buyer.
· The seller has to have a title of the lot registered at the Public Register of Panama.
· The land has to be free of mortgages.
· This contract has to be signed in front of a Panamanian Notary, after the seller has received the payment of the sale. The payment to the notary has to be paid by the seller.
· The Seller has to provide the Buyer a Certification of Good Standing of tax payment of the land and a Certification of Good Standing of payment of water of the land.
· The buyer has to contact a Panamanian lawyer to write a Public Deed of the Sell, this public deed has to be paid for the buyer.
· Then the lawyer will notarize the Public Deed and the Notary has to be paid for the buyer.
· The seller will provide to the buyer a voucher of transfer tax payment of the lot.
· The seller will provide to the buyer a voucher of declaration of the capital gains.
· The lawyer will take all these documents to the Public Register of Panama to Transfer the lot and the buyer has to pay approx. 2.5% of the purchase to the Public Register of Panama.
· The buyer will receive a new title in approximately a week.
· Then the lawyer has to take the property drawing (Plano) and the new Public Deed to Direction of Cadastre in the Ministry of Economy and Finances and register the new owner.
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