Glossary · Financing
Bank commitment letter (carta promesa de pago)
Definition
In Panama, the carta promesa de pago is the document by which a bank irrevocably commits to pay the seller the financed amount once the property is recorded in the buyer's name with the bank's mortgage. It is the standard way financed purchases close.
In practice
It works like bank-side escrow: the seller signs the deed without having received the money because they hold the bank's irrevocable commitment, and the bank pays once the Registry confirms recording. To obtain it, the buyer first clears credit approval (income, references, appraisal). Within closing timelines, the letter's issuance is usually the milestone that anchors every other date in the promise contract.
Related terms
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Mortgages in Panama for non-residents →General information, not legal or tax advice. Every transaction is confirmed with an attorney and accountant.
Term reviewed as of July 2026 · Vaca Group Real Estate, Lic. PN 5904