About Real Estate Title Process in Panama
The Title Deed grants full ownership of a real estate property endorsed by the Panamanian Public Registry to guarantee that all legal regulations are met. Having ownership title over a property ensures it is private and provides security on the investment.
It is common in Panama to find properties in right-of-possession, which usually are priced below market value. Under those circumstances, expats and locals usually opt for the title process to appreciate their property and secure their investment.
Requirements to Title Real Estate in Panama
- Notarized power of attorney.
- Title application.
- Certificate specifying the contract of purchase of right of possession.
- Certification issued by the governmental authority certifying the possession rights.
- The original blueprint, certified by an engineer.
- Certification of the Municipal Council, which indicates that there is no opposition to the title application.
Process to Title Real Estate in Panama
The process to title property in Panama follows these steps:
- The interested party gathers the required documentation to be reviewed. Afterward, the property goes under inspection performed by a qualified engineer who then carries out certification, with the issuance of an official report stating the possibilities of the titling.
- The respective titling notice will be publicly disclosed in the Official Bulletin Board of the corresponding government institution. It will also be published in a newspaper of national circulation.
- The official appraisal will be certified through the Department of Cadastre of the MEF and the Comptroller’s Office.
- A payment must be made to the State for the concept of Titling, this payment amount is calculated based on the price per square meter, which is set by the Government.
- The title is granted with the issuance of the Official Resolution which must be registered before the Public Registry.