Famous title insurance provider Chicago Title has come to Panama, represented by the Latinamerica Title Company (LATCO). The LATCO team officially inaugurated their Panama City offices on May 27, 2009.

Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens.

This is a type of insurance that most Panamanians are unfamiliar with. However, LATCO sees the need to provide it because Americans and other foreigners have chosen Panama as another important expat or second home buyer destination. Therefore, LATCO has become the first insurance company in Panama registered to offer title insurance.

LATCO and Chicago Title are also providing their services in Costa Rica, where they have learned that both local and foreign customers trust their well reputed brand name. After all, Chicago Title has been working since 1847, and in the year 2000 became the largest insurance company in the United States, after being acquired by Fidelity National Financial, Inc.

Latinamerica Title Co. strives to offer the most comprehensive and accurate title and escrow related services in the region, enhancing real estate transactions with a group of services that minimize the risk of investing in a foreign country. Services for closing and mortgage are also amongst their menu of services.

Be sure to check out LATCO’s Real Estate Solutions magazine. Now that they are established in Panama, the fourth edition of this publication will be available in the Panamanian market at the end of July 2009. Its content will be related to Panama, Costa Rica and Central America as a start point.

Their intention is to offer a realistic, serious and professional view of the world of real estate, finance, investment, modern design and ecological development, providing their readers solutions and answers to their questions – and ideas for new business projects.

They offer the opportunity to submit articles and place advertisements and property listings, for reasonable prices that you may find in their website’s media kit. It will be distributed in law firms, real estate agents offices, regional airports, car rental facilities, Latinamerica Title Co regional offices, and the biggest and important strategic offices in the United States.

You don’t need to search anymore; FORLACOL has the right Title Insurance Company for you!

When you include the Title Insurance FORLACOL offers in your transaction, you pay for peace of mind. Since there was no Title Insurance industry in Panama before January 2006, there is currently no standard among law firms, as there is in the US, about what is all that needs to be research when a buyer requests a title search to identify a title as clear from on-record defects. But when dealing with us, we will instruct, evaluate and insure for you an extensive due diligence, that will show everything there is to know about a property. Including but not limited to all Public records not only from the Public Registry but from other public offices; plus other private documents we request from the seller.

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All of this information is then organized into a legal opinion about the property, that added to all other documents and original certifications will form your comprehensive Title Report. Thus, a Title Report is the best way to make a really informed decision about a transaction. Having fulfilled this requirement, we will issue a Title Insurance Policy that will protect your investment against: fraud, criminal and civil issues, mistakes, and other off-records title defects.

Insured Value

This can be either your purchase price or property market value, you decide which. The insured value for the policy could also include future improvements like new constructions. It is entirely your choice which amount to insure as limit of coverage against economic loss. That is whether or not to insure future improvements.

(Panama City Bay ~ Avenida Balboa)

Rates

To get a quote for title insurance - please write to forlacol@gmail.com or call Ursula Kiener Ford - 507-6676-5151

Rates are payable only once and insure title insurance over your property as long as the property is yours or is inherited.

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Planning Your Next Visit ?

We will be happy to assist you on your next visit when scheduled. The best time to get Title Insurance is when entering into a Promise to Purchase, or any time before closing. Have you already made contact with these developers about the property you are considering? We have good relationship with most of them, so if you haven’t been in direct contact, we would be happy to make the arrangements. Since recording of your title, or closings, are a lengthier process they normally will not be completed on your visit if you are here just for under a month. We can gladly follow up on it on your behalf. However if you have already closed on a property we can still properly clear and insure its Title.

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Contact forlacol@gmail.com or Ursula (507) 6676-5151 for more information on how we can advise you regarding title insurance, escrow services, or title search.

Why use an Escrow in Panama?

 

 

 

 

 

Any transaction presents the same challenge when it comes to deposits and closing payments. Getting a Bank account in Panama is a lengthy process, direct wire transfers or foreign bank checks are inconvenient for the parties.

 

 

 

Third party administration of the financial aspects of a transaction provides a more transparent and secure transaction, which minimizes risk and potential miscommunications as the transaction evolves towards closing. As an Escrow Company we are responsible for the management and safekeeping of the funds and documents associated with a transaction, and their disbursement in strict accordance with the escrow agreement signed by all parties to the transaction.

 

 

 

 

 

Many properties in Panama are in the posesory right (Derecho Posesorio) stage require a payment guarantee to the buyer - which should be given once the title process has been completed. Foreigners cannot do the titling process (in the past this could be done) - this is one very common example of why to use an escrow account.

 

 

 

 

 

(Land in Pedasi – Azuero Peninsula, Panama)

 

 

 

 

The responsibilities of the Escrow Company include:

 

• Timely receipt and disbursement of funds to the seller, brokers and any other party related to the real estate transaction
• Enforcement of all contract terms with regard to payment procedures.
• Issuing all cash call letters to remind payments
• Notification to clients and project regarding funds status at each stage
• Preparation of closing statements
• Custody of documents

 

 

Administrative Services

 

• Managing communications regarding funds with the Buyer
• Tracking all documentation, ensuring that buyers and sellers are in compliance with all contract terms
• Maintaining records and files, and distributing them to the appropriate parties at appropriate times
• Ensuring that required documentation is received and reviewed by the appropriate parties

 

 

Advisory Services

 

• Advising Clients on suggested procedures and standards for the closing process
• Establishing protocols to deal with contingencies or variations from regular transactions
• Assistance in the development of the real estate closing process
• Determining all required documentation

Our escrow services are an attractive financial risk mitigation tool. We are a leading provider of escrow services. We customize to meet your needs, making arrangements quickly, accurately, and intelligently to ensure your transaction closes properly.

 

 

 

 

(Rainbow Land Crab – Panama)

 

 

Contact panamamortgage@gmail.com or Mario Quezada (507) 6780-5050 for more information on how we can advise you regarding escrow services or mortages.

Title Insurance Commitment and Policy

 

Title insurance provides financial indemnification for losses due to on-record or off-record title defects on the property that existed on the date the policy was issued. The extensive work done prior to the issuance of a title policy allows the policy holder peace of mind: knowing that the underwriter carefully investigated the title prior to issuing the policy and; knowing that if a claim does arise the policy holder is indemnified by the insurance company.

 

A full title search is conducted and a commitment to issue title insurance is issued at closing. Once the property is transferred to the new owner, a title insurance policy is executed and issued to the insured

 

(Sunset in Contadora – Pearl Islands – Panama)

 

Joint Marketing Services

 

Participation and support in publicity events

Assistance in the process of educating potential buyers about the sales process

 

Advantages and Benefits

 

We believe that these services offered together, as a package, add value (not cost) to the real estate transaction process, providing many advantages to both the developer and clients.

 

(Volcan - Chiriqui Province - Panama)

 

Advantages to Developer

 

• Increased selling potential of property
• Significant cost savings: lower cost than providing services individually
• Reduced administrative burden: allowing the developer to focus on the most important tasks (sales and development)
• Faster deal executing time: standardized system and process ensures quicker turnaround time
• More efficient system for executing transactions: centralization of activities related to funds management, documentation and closing allows better control and efficiency
• Accurate and up to date tracking of project status and funds

 

Advantages to Clients

 

• Real financial guaranty against loss
• Absolute security of funds
• Reduced investment risk
• Increased resale value of the property
• Significant cost reduction vs. requesting all services separately

Contact forlacol@gmail.com or Ursula (507) 6676-5151 for more information on how we can advise you regarding title insurance, escrow services, or title search.