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Panama Escrow Services

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