by Astrid Chang After recent cases of scams in the real estate field in Panama, alarms have been triggered, but beyond this fact, do you know the steps you should follow to avoid being a victim of fraudulent offers? Do you know how to detect ‘supposed’ real estate brokers? Find out below…
Forbes Mexico magazine in its article cites data from the real estate platform, Lamudi, which provides some recommendations that will help you to be alert to possible real estate frauds.
As an initial point, before buying or renting, you should rely on professionals in the area to advise you on key issues such as: payments, conditions of the property and delivery of the property.
Another factor to take into account is the legal status of the property, where you should corroborate with your real estate advisor to ensure that the title of the property is in order and that the transaction is carried out with the legal owner of the property. In addition, it is necessary to inspect that the property will be used for its intended purpose, according to its zoning.
Likewise, before buying the property, you should ask the owner for the documents that prove the payment of all taxes and services of the property, whether vertical or horizontal, in order to avoid cuts in basic services once you have moved in.
Authenticity of real estate agents
The Lamudi portal warns that the seller cannot ask the buyer for any kind of down payment until the contract is established.
In this regard, the Panamanian Association of Real Estate Brokers and Developers (Acobir) recommends to avoid transferring funds to the authors of a fraudulent communication. Likewise, it reminds the importance of hiring a suitable real estate broker licensed to practice this profession.
In the acobir.com portal you can find a directory of the association’s members authorized to practice real estate in Panama.
