Panama has it all - politically stable, democratic government, healthy economy, dollar based economy, awesome Pensionada’s program, climate, property tax exemption (for up to 20 years in some cases) on many properties.  It is a beautiful and diverse country offering a location for just about everyone who loves a warm place to be – beach, mountains, rain forest, city & activities to complement everyone – except of course those who like the snow!

Despite the recent happenings in the global economy Panama has continued to experience positive growth and continues to move forward.  The expansion of the Panama Canal began last September & other major projects have been completed – the new toll highway between Panama City & Colon has reduced travel time to the Caribbean coast substantially, the new Ave. Balboa & the ocean front park is completed and it’s fantastic.  Driving through this part of Panama City has been improved incredibly.  It is great to see continued activity in Panama & to see many more expats choosing to make it their second home.

Many real estate opportunities exist and there is something for just about every budget.

For more information on some of the fabulous opportunities in Panamanian real estate please give me a call on 1-800-209-3214 or e-mail me

Appraisal Fee - A basic property appraisal will usually cost around $300.

Condominium Fees - These monthly fees will vary from Condominium to Condominium. These fees are used to pay for the ongoing maintenance & upkeep of the common areas of the buildings, grounds, health club facilities, security personnel and so forth. Depending on the type of Condominium you buy & the common facilities offered at the Condominium the fees will vary. You should budget on several hundred dollars each month for these fees.

Home Inspection Fee - A home inspection will usually cost around $350. This may vary depending on the size of the house. The home inspection firm will give you a complete written report about the structural condition of the home. Your sales representative can assist you in finding a reputable Home Inspection firm.

Land Transfer Tax - This tax is applied in most provinces and ranges from 0.5% – 4%.  In Ontario you’ll pay:

• 0.5% on the first $55,000
• plus 1% on the amount from $55,000 – $250,000
• plus 1.5% on the amount from $250,000 – $400, 000
• on the amount over $400,000 you will pay tax of 2%

Lawyer Fees - Every real estate transaction requires the assistance of a lawyer & his staff to review the offer to Purchase, search the title, prepare the mortgage documents and take care of the details on the day of closing. If this is your first purchase & you do not have a lawyer it is a good idea at the beginning of your search for a home to contact several lawyers and ask them about their fees. Your REALTOR® can assist you in finding a lawyer. Lawyers’ fees can vary depending on the complexity of a transaction. Keep in mind that fees can be negotiated

Mortgage Broker Fee - In most cases you will not have to pay a fee to a Mortgage Broker as the lender usually pays them.

Mortgage Insurance Premium and Application Fee - If you have a high-ratio mortgage (less than 20% down payment) you will usually need Mortgage loan insurance. The application fee usually costs somewhere around $75 with a valid appraisal, without an appraisal it could cost $250. The actual insurance premium will range from 0.5% to 3.75% of the purchase price. The premium will be added onto your mortgage payment.

Moving Costs – Whether planning to move yourself or hiring a moving company to do it make sure you research and budget for the costs involved.

Property Insurance - As your property is used as security for the mortgage your lender will insist that you have insurance on your property.

Property Taxes - Often the Seller will have already paid a portion of the property taxes on the home that you purchase. You will have to reimburse the Seller on closing. If you are planning to have a high ratio mortgage your lender may require that your property taxes be added to your mortgage payments.

Redecorating - You may find that your decorating taste is different from the previous owner. Have some money set aside for redecorating. It is a good idea to make a list of things that you feel need immediate attention and those that can wait.

Renovation and Repairs - A home inspection report may indicate the need for some general repairs or even a major project. It is advisable to have some money set aside for these, especially if you are purchasing an older home.

Service Charges - You will have not only have to budget for the monthly billing but also for the additional hook-up and installation fees for services such as telephone and cable at your new home.

Status Certificate – If you are going to be buying a Condominium you will need to obtain a Status Certificate. This certificate will provide you with vital information on the financial & legal state of the Condominium. You should expect to pay $100.

Survey Fee – Most lenders will require an up-to-date survey. In most cases your sales representative will make it a condition in your Offer to Purchase that the Seller provide you with a survey. If they do not have one or it is not acceptable to your lender you may need to have one done. Another alternative that may be acceptable to your lender is for you to purchase ‘Title Insurance’ in lieu of a survey. This may save you up to $700.

Utility Fees - In most cases services are metered and the meter will be read on closing and you will assume responsibility at that time. The Seller will be responsible up until day of closing. However, if the home has, for example, oil heating the Seller will usually have the tank filled prior to closing. On closing you will have to reimburse them for the cost of the amount of oil it took to fill the tank.