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The New panamarealtor.com!
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Panama Realtor launched their new website early this August. The new site has allowed us to expand our properties while making navigation even easier and faster than before.
If you have not seen the new design yet, please visit www.panamarealtor.com and do not hesitate to leave use a feedback about what you think and how we can improve our services. |
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Cabins that can be built virtually anywhere in Panama
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We are very proud to offer the following service of economical cabins that can be built virtually anywhere within Panama.
These cabins are built with treated, kiln-dried pine and are guaranteed from termites for 20 years.
The builders of these cabins also build pool decks, bohios and fences, and can make customed designed homes as well.
For more information, photos, and floor plans, please visit the following link:
http://www.panamarealtor.com/listings/16/
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Are you looking to Finance a home in Panama?
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After a recent meeting with the Bank of Nova Scotia we are happy to announce
the the following terms for financing homes for foreigners.
OUTLINE TERMS AND CONDITIONS FOR FINANCING THE PURCHASE OF A PRIMARY RESIDENCE
(FULL TIME RESIDENT OF PANAMA)
Financing:
Up to 75% of the purchase price or estimated market value, whichever is the
lesser.
Interest rate:
6.25%, p.a., adjustable at the Bank’s option with a 30 day notice.
Amortization:
Five (5) years renewable at the Bank’s option for three (3) additional terms
of five (5) years each (Total amortization of 20 years). The maximum amortization
period will be subject to factors such as Borrower(s) age and Outside Worth.
Security:
First mortgage and antichresis over the property.
Insurance:
Borrower(s) life insurance policy for the amount of the loan, endorsed to The
Bank of Nova Scotia.
Fire insurance policy with catastrophic extension for the amount of the loan,
endorsed to The Bank of Nova Scotia.
Bank Commission:
1% of the amount of the loan payable at time of loan drawdown.
General Conditions:
- Borrower(s) to cover legal and registration expenses.
- An appraisal of the property given as security to report an estimated market
value at least equal to the purchase price.
- Opening of a savings account, through which, the payments for the loan will
be deducted, with a minimum balance equal to three (3) monthly installments.
Documentation Required:
- Job letter and copy of two pay slips (for borrowers currently earning a
salary).
- Copy of the last three personal income tax declarations and/or business
income tax declarations or audited financial statements.
- Two clear copies of identification cards “cédula” or passports.
- Adequate Verification of sufficient personal assets (copy of bank account
statements, real estate titles, bonds, common stock, etc.).
- Copy of the Purchase-Sale Agreement.
- Copy of public utility bills of your current primary residence (i.e., electric,
water, phone, two out of these three)
- Minimum of one and preferably two Bank reference letters from recognized
bank(s), acceptable to Scotiabank, Panama Branch.
Borrower(s) will be able to make extraordinary principal payments. However,
if such payment is made during the first year of the loan, there will be a penalty
fee, equal to 1% of the amount being prepaid. After extraordinary principal
payments are made, the monthly installment will be adjusted.
The terms and conditions and loan pricing described herein are subject to periodic
review by the Bank at the Bank’s sole discretion. This proposal is subject to
the analysis and final approval of the loan by Scotiabank Panama’s credit committee.
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