In Panama there are several forms of properties and laws that regulate them, expand your culture about them, reading the Requirements to title a land in Panama: Get the information you need.
What is a Property Title
The Property Title is the document that grants full ownership over a real estate and is endorsed by the Panamanian Public Registry, as a guarantee that all legal regulations have been met.
In addition to being under the cadastral department, which is in charge of keeping the registry of titled properties updated and supervised in all provinces of the national territory.
Possession of a property title over an asset guarantees that it has the character of private property. Providing investment security, as this condition enjoys constitutional guarantees.
What are the requirements to title a land in Panama
The procedures for the titling of a land are a bit long, be patient and first gather the following precautions:
- Issuance of a power of attorney for a legal professional or lawyer
- Make the degree application
- A valid document must be presented to certify the form of acquisition of the property. Among them, the Contract for the Purchase of Possession Rights, is a clear example.
- The document issued by the Government Authority where the rights of possession are certified, that is: by Cadastre, by the Agrarian Reform, the Mayor’s Office, by witness or corrected.
- The original plan of the land, endorsed with the signature of an Engineer with official authorization.
- A document stating that the opposition to the degree is non-existent, certified by the corresponding Municipal Council.
How to title a piece of land
In order to start the procedure for the titling of a land, all the requested documents must be presented together. It is made up of the following steps:
- An official file will be created, where all the documentation will be reviewed.
- The file or file will be sent to the corresponding local office, there the coordination for the official field inspection will be carried out.
- An engineer officially authorized by the State will carry out the official inspection. The official will validate the limits, the physical area of the property, confirm the consent of the neighbors, certify the absence of third parties in opposition, among other activities.
- Once the issues related to the property to be titled have been verified, the Government Engineer will carry out the certification, with the issuance of an official report outlining the possibilities of the titling.
- The respective titling notice will be publicly disclosed on the Official Billboard of the corresponding government institution. It will also be published in a newspaper with national circulation.
- The Official Study will be approved.
- The official Appraisal will be certified, through the MEF Land Registry Department and the Comptroller’s Office. Establishing the value of the property.
- Payment must be made to the State for the concept of Degree. The amount will be calculated based on the price per square meter, which is set by the Government.
- Granting of the Title with the issuance of the Official Resolution.
- Said Official Resolution must be registered with the Public Registry.
What is the Property Concession in Panama
It is understood as an Administrative Concession, agreement through a contract between the applicant and his entity, who owns the Right of Possession of the Land and the Panamanian Government, as owner of the rights of possession of the lands.
The Government will issue the issue in the name of the applicant or his entity, on the protection of these lands.
It is a mechanism to protect investment on Land Possession Rights. According to what is imposed by the Constitution of Panama, the maximum period of validity of the Administrative Concession is twenty years. With the option to revoke the agreed contract.
What are the requirements and the procedure to follow
To carry out the Concession of the Property, the following precautions must be gathered:
- Issuance of a power of attorney for a legal professional or lawyer
- Have a certification before a Public Registry
- The minutes or notes of the Board of Directors of the Corporation, where both the development of the project and the responsible person, the President or the Legal Representative, are authorized to make the request for the Administrative Concession.
- The official Study where the limits and the complete area are detailed, in original and five copies.
- The original plan of the terrain, with the exact specification of the area, the measurements and the surface.
- A document certifying the evidence of Possession Rights.
- The Resolution issued by the Municipal Office, where it is validated that the municipality is not opposed to the Administrative Concession being granted.
- In the event that the property exceeds an area of one hectare, the Environmental Impact and Feasibility Studies must be submitted, in compliance with government regulations.
- Present various photographs of the area and the property.
Upon gathering all the documentation and obtaining the Right of Possession, the following steps will be followed for the Administrative Concession Procedure:
- Submit the application to ANATI or the National Land Administration Authority.
- A land registry official will be in charge of accompanying the property inspector to carry out the respective inspection, to confirm the limits, the neighbors, the possibility that third parties oppose the area being granted, etc.
- The draft of the inspection report issued by the inspector will be added to the Concession application file.
- To validate the possibility of opposition, the Certification of the notice or notification of the Concession must be published in the Official Gazette, in private newspapers of national circulation and on the notice board of the Cadastre Department.
- It is mandatory to wait for a certain period to confirm the absence of opposition from third parties.
Carrying out an official study.
- Depending on the type of project, communications should be sent to the corresponding government authorities, such as the Ministry of Housing and Land Management, the National Environmental Authority, among others. In order to validate the agreement or not, for the issuance of the concession.
- They will carry out an appraisal or official appraisal by the National Land Registry Office of the MEF and by the Office of the Comptroller General of the Republic, to determine the value of the land concession.
- The Ministry of Economy and Finance, through the Cadastre Department, will prepare the draft of the Administrative Concession Contract
- It is then reviewed and signed by the Minister of Economy and Finance. Also by the Comptroller General of the Republic. And finally, by national executive, the President of the Republic of Panama will sign.
- To finalize the procedure, the Administrative Concession Contract is published in the Official Gazette, as the official newspaper of the executive body.
How to register the Property Title in Panama
The Property Title Registration process includes the following steps:
- The Purchase Contract is signed by whoever sells and who buys.
- Payment to the MEF of 2% for the tax for the transfer of title.
- The person who sells must present: The Peace and Safe Property, which is issued by the Ministry of Economy and Finance for the Property Tax and the certification issued by IDAAN as a provider of the Water Service.
- Present all the complete documentation before a public notary, so that the draft of the deed of the Purchase Contract is issued.
- The Public Deed of the Purchase Contract will be signed by both parties involved in the negotiation, that is, the seller and the buyer.
- Submit to the Public Registry, the Public Deed of the Purchase Contract. So that in the different areas of the same the appraisals, payments of rights, presentations, reviews are carried out, and finally it will be sealed by the Legal Department and the Registry of the Transfer of Title.
We wish you success in obtaining the title of your land!
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