Panama Buying Practices

Discussion in 'Panama Property' started by gsinker, Feb 17, 2009.

  1. gsinker

    gsinker New Member

    I have to say I have been reading parts of the forum for other countries and I have to say i find it amazing what anyone would want to buy a property in a country that doesnt seem to have a tested legal system in place for the transfer of Property.

    The story i am reading so far on Desert Pearl is trully stunning. Then again the units when i first saw them advertised did make me concerned. 19K for a property. You cant even buy Timeshare for that price.

    So what happens in Panama?

    There are 2 main types of ownership in Panama. I only deal in one side.

    You have titled property and Right of Possesion.

    I can only speak for titled Property I have never had any dealings with Right Of Possesion but I know others that have.

    Titled property is what is says it is.

    The title of property is transfered normally by a lawyer when the terms of the contract are agreed and have been executed.

    The seller has to show there legal title which is also recorded by the goverement land department.

    The Lawyer transfer title to the new owner.

    Nothing hard other than getting the Lawyer to work on a timely manner but the again I had worked with some UK lawyers in the past so I have been used to that.

    You might hear horror stories of land sales in the Americas but these are not sales of titled land or property. You should never enter into a contract and hand over money unless the seller can prove they actually own or have a legal interest in the property and this should be verified by a 3 rd part lawyer. Might work out slightly more expensive but then if you ever need to see why you would spend that money log onto the DP1 section or the DEMAC.

    If anyone wants more information on buying in Panama please post your questions.
     
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