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Step 1 Choose CondominiumComplete reservation agreement and submit with deposit. |
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Step 2 Budget for Options - First 15 daysDetermine option allowances for Furniture, etc. |
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Step 3 Determine Ownership Entity and Sources of Funding - First 30 daysOwnership Entity (Panamanian IBC, individual, or partnership)Funding the 30% down payment (using cash, selling property, applying for Home Equity line, IRA roll-over) |
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Step 4 Transfer Documents and Execute Documents - Within 60 daysa. Promise to Purchase agreementb. Option Budget Worksheet c. Covenants and Rules d. Condo Specifications e. Option Price estimated ranges |
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Step 5 Funding the Down Payment - Wire funds within 60 days |
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Step 6 Finalize Options Online and Execute Option Addendum - Within 150 daysa. Option worksheet updatedb. Home shopping wizard online updated & password given c. HOA articles and by laws provided d. Resort Management docs provided |
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Step 7 Construction of the CondoView progress on Your Own "Red Frog Beach" Web page to see Construction Schedule and Condo Picture GalleryRead Monthly newsletter and forwarded articles on Panama |
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Step 8 Financial ConsultationPrepare for condo ownership and apply for a mortgage.Determine participation level in rental management program. Overview of doing business in Panama including Bank dealings. Discuss Resort Management program details if desired. |
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Step 9 Close on your new Condo - A Wonderful Day |
