PBH / colombia (active forums more▼ | travelguide | pictures) / post

Property Purchase in Panama - ESCROW Needed or Not in Panama

Sorry to be off topic a bit, but a lot of people here have experience in Panama as well as Colombia.

I have a question regarding the use of ESCROW services. I can see why this would be needed if you are buying property off an individual, however would it really be needed if you are buying off a developer (and the developer is very reputable).

The reason I ask is that it seems the service is around 1.5% of the total, which for 50 k is 750 grande and 100k = 1500 usd. Is it really necessary or can u get by without it?

Any information would be appreciated.

By bickerss on Jan 1, 2007, 11:28 in Renting, selling & meetups.

Azul says on Jan 1, 2007, 20:32:

I wouldn't buy a property ANYWHERE without using escrow.

las cosas caen por su propio peso

0 funny, 0 helpful.

Lowell says on Jan 2, 2007, 17:21:

Pananma Escrow not needed. A good atty yes. I bought and sold 2 properties in Panma. Never had escrow. Did use atty.

Alfred E. Newman. "What. Me Worry?"

0 funny, 0 helpful.

bickerss says on Jan 3, 2007, 02:00:

Lowell, i have used an attorney and had all the documents checked and the register etc. She is also doing the final paperwork, but the ESCROW just seemed like a bit of an ''extra'' safeguard that is not needed when buying off a developer. I certainly have not ever used one in Australia.

Any more thoughts?

0 funny, 0 helpful.