If I rent in Panama, how do I know my security deposit is secure?

When renting in Panama, the best way to ensure your security deposit is secure is dealing with a competent real estate agent. In theory, security deposits are held by the Ministry of Housing (MIVI), which is the safest option. However, in practice, landlords are reluctant to subject themselves to the paperwork. Many won't rent to you if you insist on a MIVI lease. They prefer to keep the security deposit themselves (the equivalent of one month rent) and refund it after the...

When renting in Panama, the best way to ensure your security deposit is secure is dealing with a competent real estate agent. In theory, security deposits are held by the Ministry of Housing (MIVI), which is the safest option. However, in practice, landlords are reluctant to subject themselves to the paperwork. Many won't rent to you if you insist on a MIVI lease. They prefer to keep the security deposit themselves (the equivalent of one month rent) and refund it after the apartment has been returned in good condition. There are two kinds of landlords: those who entrust their listing to a reputable agent, and those who prefer a do-it-yourself approach and advertise in the local newspapers. The former are more likely to understand their rights and obligations, especially since the agent usually inspects the apartment before and after the lease. 

In Panama, the best way to know that your rental security deposit is secure is to work with an established real estate company who will make sure to work with an owner that is committed to reimburse you at the end of the contract. A good real estate agent or company will more likely help with any issues you have and would always be willing to assist you if any unforeseen or bad situation occurs.

In Panama, the best way to know that your rental security deposit is secure is to work with an established real estate company who will make sure to work with an owner that is committed to reimburse you at the end of the contract. A good real estate agent or company will more likely help with any issues you have and would always be willing to assist you if any unforeseen or bad situation occurs.

Some real estate agents will give you the opportunity to use their Escrow accounts to secure your deposit if they have a license to offer this, like Bopral has. You can also ask them to deposit the security at the ministry. However it depends on the rental time as many home owners wish to use the deposit for their costs to the realtor.

 

You can only be sure if you use a licensed realtor, ask for their license and write the number down. Many times owners are reluctant...

Some real estate agents will give you the opportunity to use their Escrow accounts to secure your deposit if they have a license to offer this, like Bopral has. You can also ask them to deposit the security at the ministry. However it depends on the rental time as many home owners wish to use the deposit for their costs to the realtor.

 

You can only be sure if you use a licensed realtor, ask for their license and write the number down. Many times owners are reluctant to pay back after the rental period and try to find reasons not to have to return your deposit. A wise thing to do is to take pictures of failures and broken items or bad furniture and have those signed by the owner so you cannot be confronted with these items at the end of your rental period.