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.

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 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.

The firm is currently managed by Ursula Kiener Ford who is the third generation in the company.

Besides Title Insurance we also do:

Health Insurance

Fire and Content

Car Insurance

Life Insurance

Yatch Insurance and all Other Types of Insurance for Individuals and Coorporations

Mortgage Brokering

We Represent

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.

Disclaimer www.titleinsurancepanama.com and every other website of Forlacol Insurance Brokers are written by Ursula Kiener Ford and the contents of these pages are protected by copyright laws. If you wish to link to our page or to use one of our articles – please contact us prior to doing so.

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.

Corporation/Foundation to own real estate

This is not for everyone but depends on future plans. If you think that for some reason you may want to resale the property, then the benefit will be that you would not have to transfer title and pay transfer taxes, but the property will stay under the corporation or foundation’s name. What you sell is the ownership of the corporation/foundation instead. In regards to you Title Insurance it will also remain with the property as the insured corporation/foundation will still own the property after you’ve sold. Other benefits include: no need for a last will or testament and a succession trial for property to pass on property to your heirs but corporate ownership transfer instead; your ownership of the entity and thus the property is completely anonymous and not subject to any information exchange treaty for tax purposes with any other country. Also foundations assets cannot be impounded or seized.

(Nikki Beach Proyect – Playa Blanca, Panama)

Complete cost of corporations are around USD$850.00, and Foundations all inclusive packages average USD$900.00. These are not sold by us, but by our network law firms. These costs will almost always be less than paying title transfer taxes if you or your heirs decide to sell the property in the future. Our network firms also have a Visa and Immigration Services Specialist.

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.

(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.

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.