Glossary · Legal process & title
Promise-to-purchase agreement (promesa de compraventa)
Definition
In Panama, the promesa de compraventa is the contract that locks in a real estate deal before the deed: it sets price, deadlines, conditions, and an initial down payment (typically 10%), and binds both parties to sign the final sale once the agreed conditions are met.
In practice
This is the document where a purchase is won or lost: it defines what happens to the down payment if the bank declines the loan, who pays which cost, and when the property is delivered. In pre-construction, the promesa with the developer also incorporates the payment plan and the estimated delivery date. Practical advice: keep the down payment in escrow or with an attorney, and have the contract reviewed by a lawyer who represents you, not the seller.
Related terms
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