Title Report (Search and Examination + Legal Opinion)

 

The procedure is simple we would only need to know the Finca # and the insured value to start with. It is priced at USD$750.00 plus expenses. An underwriting requirement is for the proposed insured to hire one of our networked law firms to write this Title Report. That is a Title Search with all the attached listed documents, organized into a legal opinion. The cost of this legal work is payable to the chosen network law firm.

 

 

(Land in Cerro Punta looking at the Volcan Baru – Chiriqui Province – Panama)

 

You just need to provide us with any information you have about the property you are interested in, pay the Title Report fee, and you will receive a Title Insurance Commitment from us with our invoice for the premium. The Title Insurance Commitment will disclose any problems found on this Title Report, as requirements to be fixed in order to provide you with a title that is clear of any on-record defects. After requirements are met and premium is paid, we issue your Title Insurance Policy to cover you from any off-record defects that may arise in the future.

The following is the information our lawyer will obtain in your title search, please do not use a lawyer that is not approved by us, because the insurance company will not accept the search as valid.

(Ocean Business Plaza or Banesco Tower ~ Banking District)

Property Registration Information – which includes:

1. Location and Address

2. Area in square meter

3. Type description and use of the property

4. Information regarding any burden to the title of the property.

5. Lease agreements or other agreements granting use of the property.

6. Registered liens, easements, encumbrances or limitations.

7. Chain of Title.

 

Title Search also requires:

 

• Certificate of absence of Liens
• Certificate issued by the Catastro Office regarding total area and registered value of lead and improvements.
• Survey with Delineation of the Meets and Bounds.
• Good Standing Tax Certificate for the Property.
• Good Standing or EVIDENCE OF Payment of water, sewage and other Contributions.
• Condominium Property Regime, if applicable.
• Time Share Regime, if applicable.
• Ground Lease Structure, if applicable.
• Mortgage Indebtedness and Mortgage Cancellations.
• Covenants, Conditions and Registrations on the Property.
• Description of Physical Inspection (including for review of easements for possession by third parties).
• Impending Litigation: report of Legal Status of any lawsuits affecting the property.
• Appraisal of the Property.

 

Part of obtaining title insurance is conducting a title search. A title search must be done by a lawyer. We work with a network of lawyers that we can recommend to do this search for you. For more information please contact us at forlacol@gmail.com or by phone (507) 6676 5151 (Ursula)

The main areas that are researched are the following:

Public Registry of Panama ~ Here the attorneys check to ensure that the property is registered to the name of the seller, or the sellers entity (corporation, foundation, or trust) and that there are no pending liens or encumbrances on the property. A copy of the public deed and all amendments to the public deed are extracted from the Public Registry, which are then researched and confirmed to be valid and authentic.

Ministry of Economy & Finance ~ Here the attorneys check to ensure that the property has all property taxes paid up to date.

Utility Companies ~ The attorneys check with the various utility companies to ensure that the property has all water utilities, electrical utilities, etc. paid up to date so that there are no future claims from the utility companies.

Agricultural Reform Department ~ In the event that the property is not titled property, rather it is what is referred to as “Possession Rights” property (Propiedad de Derecho Possessorio), the attorneys research and confirm the Possession Rights Certification at the Agricultural Reform Department (the department that regulates government lands in rural areas that are granted ownership rights to those citizens or entities who have proven use of the land through a Possession Rights Certification).

Courtesy: of Panama Offshore Services.