Page 6 - Bulletin No. 23 - Free Competition

BULLETIN
6 / PRESENT
Free Competition
PANAMA

Training Day for Real Estate and Home Developers

ACODECO, through the Unit of Cost Increase Analysis (UAAC), held on
January 23, 2020, the training day for real estate agents and developers.

Issues related to the activation in the contract of sale of the clause for the
increase in the price of new homes due to cost increases were addressed.

The verification of the cost increases consists of the revision of the
information by ACODECO in order to confirm that the documents
provided by the real estate agencies or developers correspond to the
project and that it is supported.

In that sense, the training day focused on the explanation based on the fact that the verification can be requested, both
by the economic agent after having reached 80% progress of the work, and by the consumer, after being notified of the
increase. They were given the detailed list of the requirements that companies must meet when requesting the price
adjustment verification in the respective new housing projects, as follows: the presentation of the budget of the work
duly authenticated, the invoices or purchase orders, the list of materials subject to increase, a copy of the purchase and
sale contracts, the clarity of the terms associated with the presentation of the information, the date on which the
project reaches 80% progress and the way in which documentation must be provided.

In addition, emphasis was placed on the importance of voluntary submission by the companies prior validation, as it can
be an effective tool to ensure compliance with Resolutions No A-063-15 of July 3, 2015 and No. A-096-17 of December
12, 2017, as established by Law 45 of 2007.

The activity was held in the José Ángel “Chino” Montero hall of ACODECO, and 19 economic agents took part with a
participation of 28 people. The participants had the opportunity to exchange their ideas with the UAAC employees
asking the questions they considered necessary to solve the questions or doubts related to the theme of the 11
construction materials that make up the basic basket of materials, the methodology used to determine the cost of labor,
the interest rate and other aspects that are included in the aforementioned resolutions, also they showed great interest
so that the training sessions on real estate issues continue, making known through a satisfaction survey that the
initiative is positive.

For the UAAC, the day was satisfactory, since the objectives of transmitting the necessary information to the economic
agents were fulfilled so that they consider what are the requirements that must be met to speed up the process of
verification of price adjustment in projects of new homes and encourage companies to submit the application before
notifying consumers of the increase.

These types of situations and / or queries can be made by accessing our social networks.