David, Panama (PRWEB) November 19, 2012
PropertyTropics.com, a trusted online resource for Panama and Costa Rica real estate information, has just released a guide entitled “How To Title Panama Real Estate” to help property buyers in Panama. The group has also created an infographic for retirees interested in moving to Panama for their golden years. PropertyTropics.com representatives state that they aim to simplify the process for people who are new to buying Panama properties, particularly retirees and investors abroad. This is especially important since numerous properties in Panama are not titled, and are owned instead through Right of Possession (ROP):
“Most people will advise you to buy titled real estate in Panama because that way, you won’t have any unexpected surprises. However, a significant amount of property in Panama is in ROP ownership, which is similar to squatter rights. The title to ROP property can be held by different institutions, such as the national government, the municipal government — which could be a town, village, or province — or other entities, such as banks,” explain speakers from the company.
PropertyTropics.com’ guide covers titling government- and municipality-owned Panama real estate. Buyers interested in government-owned land will conduct transactions with Catastro, the Office of Land Registry, and ANATI, a division of Catastro. Catastro is responsible for conducting inspections and approval of property surveys, while ANATI deals with issuance of titles. They will also need the following: a lawyer, power of attorney, certification of ownership from the Corregiduria and the mayor of the municipality where the property is located, a notarized letter from owners of surrounding properties, and a property survey done by a licensed surveyor.
The guide simplifies the process into three steps: submission of an application to ANATI, placement of legal notices in newspapers to notify the public, and submission of all relevant documents to Catastro and the Ministry of Housing for approval.
Owners of ROP land will then be given the option to pay a fee to expedite the process: “Technically, there is no charge to get land under five hectares titled. However, it can take an indefinite amount of time to process a title if you don’t pay the fee. We suggest you pay the expedited titling fee to the government,” advise experts from PropertyTropics.com.
Afterwards, ANATI will issue a title resolution which owners must then submit to the Public Registry for them to be given a titled deed. The whole process costs approximately $5,000 and takes six months to finish if the owner pays the expediting fee.
The titling process is essentially the same for lands owned by a municipality, such as Bocas del Toro or Boquete, Panama. The municipal titling process is easier than the national process. Owners do not need a lawyer, fewer documents are required, and it costs less. Owners also are not required to submit an application to ANATI.
PropertyTropics.com representatives share the following message for those interested in Panama properties: “Titling your ROP land in Panama involves a number of steps, but it is not difficult to accomplish. We have created an easy to follow guide that explains step-by-step both the national and the municipal titling processes. However, those who need more assistance are more than welcome to consult us at PropertyTropics.com. We are the experts — we have you covered,” they assert.
For more information on Panama properties and to view the infographic on Panama retirement and the guide to titling land in Panama, visit http://www.propertytropics.com/.