Getting Assistance From Real Estate Lawyers.
Матеріал з ТерноВікі
During the last couple of years, Panama has seen huge explosion in terms of real estate business. Panama is situated in the southernmost part of Central America. The country has a rich culture, picturesque landscapes, virgin hills and affectionate people. Therefore, tourists throng Panama very often. The International Monetary Fund (IMF) has envisaged that Panama will experience fastest growing economy in Latin America during 2009. As other potential countries like Costa Rica and Nicaragua are already full of business, real estate developers are turning their eyes to this country. If you are avid real estate developer, you must have some knowledge of the Panama real estate laws before investing your money.
There are two ways to buy property in Panama + the purchase of titled property and purchasing the right of possession. The government of Panama maintains a detailed public registry system. Their job is to maintain records of the titled properties (property directly belongs to a person or a trust). If you are purchasing land or buildings from another person, your lawyer should process your document from this office and get the clearance that the seller of the property is the authentic owner. The sole right will be transferred to the buyer as the payment transaction and other paraphernalia are completed.
But all the lands in Panama are not titled property. You can purchase the right of possession from the government for a certain period of time. There is a restriction for the foreign investors that they cannot purchase any property within 10 kilometers from the borders or most of the islands. Article 121 deals with this rule.
Needless to say, there are some cases of flipping of the actual price of the lands. You should know about the laws in detail. During the last assembly ended in October, 2008, the government has passed a new law + Law 45, Article 77. It was highly appreciated by the real estate developers as they can recover their down payments or deposits from the original party if they choose to opt out from the project. It is also applicable in case, where the investor has not taken just site up internet click coming the possession certificate. There is one Article 79, which says the investor can claim their money back from the developers if they fail to produce results as marketed on pamphlets, books, souvenirs and other audio-visual media. The investor can also opt out from the project will full money-back of the down payment if the developer fails to transfer the certificate of occupation within the deadline.
If you want to purchase properties in Panama, you must submit the detailed plan of the project to the government agencies. You must keep close liaison with the agencies like (ANAM + the Environmental Enforcement agency), IPAT (agency deals with the tourism), MOP (Ministry of Public works), MIVI (Ministry of housing), MEF (Ministry of Economics and Finance), Bomberos (Fire department) and Municipio (agency dealing with municipal matters). You must go through in detail with the Law 54 which deals with the scope of protecting foreign investment in Panama.
Detailed description of all the Panama Real Estate Laws are beyond the scope of this short article. You must consult a good lawyer dealing with property matters and do a thorough market research before investing your hard earned money.
