|
 In parts one and two of Building Your Dream House in Panama we talked about what to do before and up until the end of construction. In part three we provide the last important details that you will need to know.
1. When your house has passed your inspection and you have been issued a permit by the fire department stating that you house is livable you need to register the improvements to your property. Improvements include the house, pool, out buildings, and any new construction on your property.
2. You will need get an appraisal of your improved property and take the appraisal plus your deed to the Catastro office where you got your map. The Catastro office will record the improvements and the new value of your property. When the Catastro office has updated the value of your property you will take their document plus yours to the Public Registry.
3. When your have reported the improvements on your property and received documentation of this you can apply for tax exoneration on your new construction.
4. Expect this process to take six months. First of all you need to pay your property taxes. Then, like with immigration issues, you need an attorney to do the paperwork for tax forgiveness on new construction.
The most important part of this whole process is a detailed construction contract specifying what you expect from the builder, exactly what you will need to pay, and what penalties will apply if the builder does not perform or causes damages.
The next most important part of building a house is to ask for advice and help if you are not sure. You expect to enjoy your dream house for a long time. A little caution now will assure you of a happy future in your new home.
This is the third of three articles on building a house in Panama.
The nice people at LEGALCORP
|
