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.

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.

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.

The main risk which can be considered in Panama is that Catastro and Registro Publico are not in sync. Registro Publico is great and digitalized (you can access their website and find so much information.

 

 

https://www.registro-publico.gob.pa/

 

 

Then you have Catastro which is not digitalized and is not synchronized with the Registro Publico - and this is when problems arise. The most common problem is that the size of your lot is incorrectly marked because the finca has passed through so many owners or there is a previous denotation of the lot in Catastro which nobody was aware of until someone starts to build next to you and claims that part is theirs. Or there is a problem in inheritance that someone claims that the lot was in their family and the person who sold it to you was not authorized.

Then the problems begin and even if you are in the right you still have to hire lawyers (which are included in that cost - you would never have to pay additionally) to defend you.

 

What about apartments in Panama City?

 

 

(Punta Paitilla ~ Platinum and Mirage Towers)

 

 

Apartments in Panama City have lower risk than land, but they still present risk.

 

 

A resent example would be the Pacific Point Development in Punta Pacifica – where the developers bought the land and then developed the whole complex, then a year later comes Balbina Herrera (the Minister of Housing) and states that the developers did not comply with park regulations and now they must use part of the gated community as a public park.

 

 

This case is still in court, but if this does manage to occur and one of the inhabitants of this complex had title insurance then they would receive compensation because their property value has been lowered.

Mortgage from a US Bank

A prestigious international bank based of Florida has just approved mortgages for US citizens purchasing property in Panama. This is the first of several banks who are in the process of establishing international mortgages in Panama.

(Beach in Panama – Own Your Piece of Paradise)

 

FIRE AND TITLE INSURANCE will be required to obtain a mortgage from this bank.

To get more information how to obtain a Mortgage from a US Bank or to get a quote, contact our customer service department at forlacol@gmail.com or by phone (507) 6780-5050.