New PANAMA LAW for Buyers (about time)

National Assembly Passes New Law On The Buying and Selling of Apartments

Wednesday, June 02 2010 @ 05:30 PM EDT
Contributed by: Don Winner
Views: 24
The full session of the National Assembly approved in the third and final debate a new law that regulates the sale of apartments and condominiums (horizontal property), where among other things, the Housing Ministry could now intervene between the buyer and the seller when there are conflicts. The new law also requires developers to provide the number of apartments that have not yet been sold in a building, and it also prohibits the use of “fine print” in tiny fonts at the end of a contract, and requires developers to clearly specify what is being offered. And, one of the biggest problems faced by apartment buyers is that many times what they eventually receive does not match with what they thought they were buying, meaning that the promises being made by developers are not being met upon the delivery of the units. (TVN Noticias)
Editor’s Comment: Interesting. At first blush this new law seems to be mostly in favor of defending the buyer, and requiring developers to be more forthcoming. I want to see the entire text of the law that was passed. DON

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