Property Sale as an Inheritance Right in Panama
Overview
The sale of property as an inheritance right in Panama occurs when an heir sells all his/her inheritance rights; meaning, part of or all the assets included in his/her inheritance right.
For example, after the death of a person, the sale of property as an inheritance right is understood as the process that some heirs carry out in order to transfer their inheritance right and therefore sell the inherited property.
This includes a probate and property purchase and sale process. However, a particularity of these cases is that it is not necessary to wait for a final decision by a judge to start the purchase and sale process.
Another particularity is that the Panamanian law allows informing the decision to transfer the right as heir in favor of the person who is going to acquire the real estate, and include this decision in the succession process so that once the final decision is given, the title of the property is given in favor of the person who bought the property.
Requirements to initiate the transfer of rights and purchase and sale of property
The requirements to initiate the transfer of inheritance rights and to start the sale and purchase process include:
- To have initiated and advanced the succession process.
- Have the order of admission where the person seeking to sell the property is declared heir.
- Gather general information about the purchase and sale; ensure that the property is free of encumbrances, and is in good standing.
Additionally, in the case of properties, the following documents are required:
- Certification of ownership in the Public Registry.
- Authenticated copy of the order of designation of an heir.
Once the succession process is in progress, it is estimated a time of 6 to 9 months to finalize the sale of property as an inheritance right.
Contact us
Our team of experienced real estate lawyers is ready to assist you in the process of selling property as an inheritance right. Contact us at info@kraemerlaw.com for more information.