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Saturday, August 30 2014 @ 08:28 AM EDT

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 Advice on rental in Panama
Anonymous: alex123
 19/02/12 04:01AM (Read 22132 times)  

People, please help with advice. I am going to rent my apartment in Panama city for European or north American expat. I am not sure what document required (like rental agreement) and what is the procedure? Or may be I should do it “North American” way, where no special agreement required? Just believe to my tenant and give him a key for a long term lease? What else as a landlord should I know?

Thank you

Don Winner
 23/02/12 04:24PM  

Status: offline

Registered: 20/09/04
Posts: 13
You should rent your apartment through a certified, bonded, and licensed real estate agent. They will prepare a standard contract, which will be filed with the Ministry of Housing. You should receive one month's rent as a security deposit against damages. If there is ever a need to evict the renter for breech of contract, you will be needing this protection.

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Anonymous: alex123
 25/02/12 12:43PM  

Don, Thank you.

In my case I already have a tenant and do not require any help from the Realtor (since they were asking for 1 month rental for their commissions). Is there any way I can prepare and file all the documents directly with attorney? May be you know some names and addresses.
Also, I was told that security deposit must be submitted to the ministry of housing, or it can stay with a landlord?.

Anonymous: soflodoug
 12/03/12 05:19AM  

Go to a recommended real estate lawyer. Should cost about $350.00 for a rental agreement.
The language in contracts here is different than the states.
Without the proper language and also first and last month rent collected you can have a nightmare.

Anonymous: R Joyce Montana
 15/03/12 10:51PM  

A standard lease agreement is a common document and should be readily available. The reality though is that the security bond money you collect will be your protection in the event of any dispute. Pursuing any claim can get very expensive very quickly, and will usually take a lot of time as well. Collection proceedings/evictions have to be filed before the municipal or circuit courts of the Panamanian Judicial Branch (except those subject to l93) and often take 4-6 months to finalize. -- Richard Joyce, Montana Tech

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