|
Escrow Services in Panama
We offer Panama Escrow Services to buyers
and sellers of properties in Panama or any other asset or
service outside of Panama, including deposits in Panama bank
accounts. We protect Panama property sellers, buyers and lenders
from problems affecting Panama title ownership.
What is the procedure: In the case of a
property transaction in Panama, our firm would receive the
full payment from the Buyer, and at the closing, we would
disburse payment to the Seller, disburse payment to the Broker
(for realtor commissions, if any), disburse payment to the
construction company (for property development, if any), disburse
payment to the attorney (for legal work such as title search,
buy/sell contract, title transfer, etc.), and disburse payment
to any other party directly involved in the transaction that
must be paid as part of the buy/sell agreement.
Purposes of our escrow services:
- Provide the seller with the assurance that the buyer has
the funds to pay for the transaction, since the escrow company
can confirm that the funds have been paid to the escrow account.
- Provide the buyer with the assurance that the various parties
involved in the transaction will be paid according to the
buy/sell contract, so to avoid any after purchase claims.
- Provide the buyer with the assurance that the property
has had a proper title search completed, a proper buy/sell
contract has been executed, and the legalities of the transaction
have been met to protect the buyers interests.
Deposit Instructions Procedures:
- Sign the Escrow Agreement because through this contract
regulates terms and conditions of the escrow services that
are provided and defines the relationship between the buyer
and the seller, and this agreement is required by the bank
to clear the funds.
Email us
for more info about the The Escrow Agreement.
If your transaction is for the purchase or sale of property
in the Republic of Panama, then you should also fill the Property
Order Form. Is necessary for our us to have all of your personal
contact information, as well as all of your property transaction
information clearly detailed.
- Make a photocopy of your valid passport or use an alternative
identification if you dont have passport, such as a government
issued drivers license, and get a bank reference letter from
the bank where the funds are being sent from. If the funds
are being sent from a third party, then please write a detailed
letter to explain where the funds are being sent from. The
bank may require additional information about the source where
the funds are sent from if the funds are sent from a third
party.
- Send by email the completed and signed Escrow Agreement,
photocopy of passport, and bank reference letter (or account
statement or third party letter) to this email: info@panamalegalconsultants.com
- Depending on the amount of wire, if is more than $50,000.00,
you should provide information and documentation of origin
of funds (savings, business transaction, property sale, etc.),
and information and documentation in regards to destiny of
funds (example; a Property transaction, investment, etc. If
we are processing your transaction we could provide this information
to the bank). This information should be provided through
a letter, signed by you, explaining these details, with supporting
documentation such as a purchase agreement, bank or investment
account statement, etc.
- Once the above is complete, then you may deposit funds
to Panama Legal Consultants to complete your transaction.
Only asking about the procedures on an email.
After sending any wire transfers, please confirm by email
a Wire Deposit Notification Form. This form is necessary for
us to identify your wire transfer when it enters the escrow
account, and it is required by the bank to identify the sorce
of funds.
B. Deposit by US Dollar Check; take 21 business
days to clear in our escrow account. Local Panamanian checks
take 3 business days to clear. Please include a signed Check
Deposit Notification Form with your check. You can ask about
the Check
Deposit Notification Form here.
6. If your are utilizing a Panama corporation
with nominee directors to hold ownership of the property,
then you must also send (scanned email attachment, post, or
courier) us a letter of Authorization for Nominee Signatory
to sign the purchase/sale documents.
7. To disburse funds from the escrow account, you must complete,
sign, and send us (by fax, scanned email attachment, post,
or courier) a Disbursement Request Form.
PROPERTY
TRANSACTION FEES -
$1.00 - $155,000.00 / Fee: US$1,200
$155,000.01 - $250,000.00 / Fee: US$1,500
$250,000.01 - $350,000.00 / Fee: US$1,750
$350,000.01 - $500,000.00 / Fee: US$2,000
$500,000.01 - $650,000.00 / Fee: US$2,500
$650,000.01 - $800,000.00 / Fee: US$3,000
$800,000.01 - $1,000,000.00 / Fee: US$3,500
Panama Legal Consultants
- Panama Law Firm -
For more information please contact us:
info@panamalegalconsultants.com
Tel: (507) 6714-9326
|
