Before you buy property to build a project in Panama…
You should know:
Legal status of the property
Buyers usually worry about the size, location of the lot, and the price.
They have an idea of what they want to build, but often the intermediary only cares about receiving their commission, but who cared to verify if the lot is useful for your project?
In case you didn’t know, there is a regional master plan that indicates the use for each lot. This indicates density, restrictions, construction line, required parking, maximum permitted use, among other things, but above all, it says your lot permitted use: housing, commerce, tourism, institutional, etc.
If you do not know anything about this subject, someone can take advantage of you.
In addition to the land use restrictions, the lot may have been registered with restrictions of use, whose validity must be verified, since the restrictions may have expired, but its status has not been updated and this may cause delays.
You should also know that the usable area of the lot can be affected by the existence of easements by rivers, streams and highways.
It is necessary to verify if the lot actually has the data that the owner has provided, likewise, it is necessary to know if the lot has a mortgage, if it is in litigation, how much it pays for annual tax or if it has any other pending commitment.
As architects, we carry out a zoning study before each project and we even propose a volumetric study of the options that can be developed, according to your needs.
Tel. (507) 836-7132, Chanis, Panamá.