Korean
Spanish
Fee Schedule
Sale Purchase Transaction
Representing a Seller who is a foreigner with a taxpayer-registered ID.
Dear Client:
We are pleased to provide you with a detailed explanation of our services and fees as outlined below:
Legal Work | Fee in USD | Comments |
Legal Consulting | 200 | Per hour or fraction. If you hire our office, the fee is deducted from the fee for drafting the promise to buy and sell agreement. |
Draft of the Promise to Buy and Sell Agreement. | 750 | The standard process is to celebrate a promise to buy and sell agreement; to give the seller the chance to pay taxes and gather the required documents. Our fee includes drafting the agreement and follow up on the negotiation of the agreement with the buyer. |
Draft of Buy and Sell Agreement. | 250 | This is the contract to be registered at the Public Records. *If you want to hire my office, exclusively to draft this contract (not the promise to buy and sell), the fee will be 750.00 |
Calculation of Transfer and Capital Gain Taxes | 150 | |
Review at the Directorate of Revenue (DGI) the calculation of transfer/capital gain tax and payment | 150 | Transfer tax is 2% of the higher value between the sale price and the cadastral value. Capital Gain tax is 3% of the higher value between the sale price and the cadastral value or 10%, depending on the case. |
Obtaining certificate of good standing from the water company | 35 | The government fee is USD 1.00 |
Obtaining a property tax good standing | 35 | This is something the seller can do. |
Obtener paz y salvo de las cuotas de mantenimiento | 35 | |
Notarization of deeds | 250 | It does not include the cost of the deed. The cost of the deed will depend on the number of pages. Usually between USD 80 to USD 250, and usually the buyer covers the deed costs. |
Registration of Deed in the Public Registry | 150 | It does not include the registration fee that will depend on the sale price and whether the seller and buyer are corporations. Usually, the buyer covers the registration fee. |
Total | 1805 | Approximate Fee |
Additional Services | ||
Obtaining a certificate of Property from the Public Register | 35 | The fee does not include the cost of the certificate, which is USD 30.00 |
Obtaining a NIT for the property | 150 | This in case the seller has not processed the property taxpayer id before. Notary fee must be added. |
Payment of Property Taxes | 35 | |
Notarization of documents | 35 | Per Notary visit. The notary fee is not include. |
Attending contract signatures or meeting | 150 | Per visit. |
Total | 405 | Fees may vary depending on the case. |
Power of Attorney
If the seller is not in Panama or will not be in Panama for the closing, you may need a POA; the expenses and legal fees for preparing and registering a POA are as follows:
Description | Amount in USD | Comments |
English Spanish Translation Fee | USD 12.00 per page | |
English Spanish Interpreter Fee | 150 | This fee applies if the client is in Panama. |
Notary Fee | 100 | Notary fee will vary depending on the extension of the POA |
Public Registry Fee | 29 | |
Legal Fee | 450 | |
Total | 729 | Approximate Fee |
The client must provide:
- The NIT number of the legal entity.
The NIT number of the property.
Notes:
- Courier fees are not included.
- Translations fees are not included.
- The fee may vary depending on the case.
- W The legal fee and expenses are approximate
- W Any additional service not contemplated will be charged separately.
- W If a real estate reservation agreement is required, the fee is USD 350 for the drafting or revising of the contract.
- W We will notify you immediately if we require additional expense money.
- Before any sale, you should verify that your property records have been updated in the Land Registry (ANATI).
- Updating cadastral information is necessary to a) calculate and transfer and the capital gain taxes.
- Calculated the property taxes. Sometimes, after a property is updated, unpaid taxes, which the owner is unaware of, are shown in the system. Also, any tax exemption should be duly recorded.
- The non-updates will slow down the process.
Payment Schedule:
- We require a cash advance of USD 1,500.00 plus USD 250.00 for the initial expense.
The remaining attorney fees balance shall be paid once the purchase and sale transaction has concluded