In the real estate industry in Panama there are guarantees for the entire sector, among these guarantees is to offer a quality service through qualified professionals, this is supported by DECREE LAW Nº6 (July 8, 1999) that regulates the profession of real estate agents or brokers, but before talking about what this law is about, let’s start by defining what a real estate broker is.
The real estate broker is a person or company that performs professionally as a mediator, broker, agent, or representative between the owner of the real estate and third parties, for the purposes of sale or lease. It is important that you know that those owners or persons who carry out other activities related to real estate, such as promotion, administration, collection of leases, maintenance and so, are excluded from this profession.
Under the law that regulates the profession of real estate agents in Panama, agents must hold a real estate broker’s license, which will be issued by the Technical Board of Real Estate in Panama.
In addition, according to the law, agents or brokers for properties in Panama must meet certain requirements such as:
Establish a bail of ten thousand dollars (B /. 10,000.00), either in money, in State Bonds, insurance company, bank guarantee letter or mortgages on real estate, prior appraisal ordered by the Technical Board, to respond to the State for the sanctions imposed on it, as well as for the damages caused to third parties as a result of its negligent or willful action, after a final judicial sentence. This Bond must always be renewed annually, within thirty days prior to its expiration.
Pay tax stamps for the sum of twenty-five dollars (B / .25.00), at the expense of the beneficiary, once the license has been approved.
Pass exams on necessary knowledge in matters related to real estate.
Comply with any other requirements that the Executive Body establishes or ads in the future, in compliance with this Decree Law.
In MLS Acobir we ensure that all our agents have the suitability required by law in Panama, with this we guarantee that our clients and partners feel safe to work with us in the sale or purchase of properties in Panama.