The real estate may be sold to you without the knowledge of the party having a right or claim in and to the property. In addition, you may purchase the real estate without having any knowledge of these rights or claims. In either event, these rights or claims remain attached to the title to the property that you are buying until they are extinguished.

    Why do you need Title Insurance? To protect possibly the most important investment you’ll ever make – the investment in your land. With a title insurance policy, you as owner, have an indemnity contract that will reimburse you for loss in the event someone asserts a claim against your property that is covered by the policy.

    How can there be a title defect if the title has been searched? Title insurance is issued after a careful examination of copies of the public records. But even the most thorough search cannot absolutely assure that no title hazards are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search.

    What protection does title insurance provide against defects and hidden risks? Title insurance will pay for defending against any lawsuit attacking your title as insuranced, and will either clear up title problems or pay for any losses. For a one-time premium, an owner’s title guaranty policy remains in effect as long as you, or your heirs, retain an interest in the property such as:

With regards to Title Insurance, when issuing the policy we are of the agreement with the buyer of the insured title, that all title defects that are found and fully determined as one not only the buyer but by our company as well, are risks that the buyer is willingly entering into being fully aware of the consequences of still going through with the purchase.   We, as the buyer’s Title Company, will be there covering  for any other matter or off record defect not found and not arising from the currently known risks, that in the future may turn into an adverse matter challenging the title.  At the mere hint of a claim adverse to the title, Title insurance includes coverage for legal expenses which may be necessary to investigate, litigate or settle an adverse claim, claims litigation, arbitration, mediation, coverage opinions and defense in all courts.

No client wants to pay the potentially ruinous cost of defending your property rights in court which would definitely go beyond the total fees or our services, should a valid claim arise.

Protect your investments by obtaining title insurance in panama. Contact Forlacol a licensed LATCO agent in Panama: forlacol@gmail.com or by phone +507-211-1466

You don’t need to search anymore; FORLACOL has the right Title Insurance Company for you!

When you include the Title Insurance FORLACOL offers in your transaction, you pay for peace of mind. Since there was no Title Insurance industry in Panama before January 2006, there is currently no standard among law firms, as there is in the US, about what is all that needs to be research when a buyer requests a title search to identify a title as clear from on-record defects. But when dealing with us, we will instruct, evaluate and insure for you an extensive due diligence, that will show everything there is to know about a property. Including but not limited to all Public records not only from the Public Registry but from other public offices; plus other private documents we request from the seller.

All of this information is then organized into a legal opinion about the property, that added to all other documents and original certifications will form your comprehensive Title Report. Thus, a Title Report is the best way to make a really informed decision about a transaction. Having fulfilled this requirement, we will issue a Title Insurance Policy that will protect your investment against: fraud, criminal and civil issues, mistakes, and other off-records title defects.

Insured Value

This can be either your purchase price or property market value, you decide which. The insured value for the policy could also include future improvements like new constructions. It is entirely your choice which amount to insure as limit of coverage against economic loss. That is whether or not to insure future improvements.

(Panama City Bay ~ Avenida Balboa)

Rates

Transaction Amount

• $0 – $80,000 – $800.00
• $80,000 – $500,000 – 1% of the policy amount
• $500,000 – $2,000,000 – $5,000 + 0.7% of the policy amount exceeding 500,000

Rates are payable only once and insure title insurance over your property as long as the property is yours or is inherited.

Planning Your Next Visit ?

We will be happy to assist you on your next visit when scheduled. The best time to get Title Insurance is when entering into a Promise to Purchase, or any time before closing. Have you already made contact with these developers about the property you are considering? We have good relationship with most of them, so if you haven’t been in direct contact, we would be happy to make the arrangements. Since recording of your title, or closings, are a lengthier process they normally will not be completed on your visit if you are here just for under a month. We can gladly follow up on it on your behalf. However if you have already closed on a property we can still properly clear and insure its Title.

Contact forlacol@gmail.com or Ursula (507) 6676-5151 for more information on how we can advise you regarding title insurance, escrow services, or title search.

Title insurance provides financial indemnification for losses due to on-record or off-record title defects on the property that existed on the date the policy was issued. The extensive work done prior to the issuance of a title policy allows the policy holder peace of mind: knowing that the underwriter carefully investigated the title prior to issuing the policy and; knowing that if a claim does arise the policy holder is indemnified by the insurance company.

A full title search is conducted and a commitment to issue title insurance is issued at closing. Once the property is transferred to the new owner, a title insurance policy is executed and issued to the insured

(Sunset in Contadora – Pearl Islands – Panama)

Joint Marketing Services
Participation and support in publicity events
Assistance in the process of educating potential buyers about the sales process

Advantages and Benefits
We believe that these services offered together, as a package, add value (not cost) to the real estate transaction process, providing many advantages to both the developer and clients.

(Volcan - Chiriqui Province - Panama)

Advantages to Developer

• Increased selling potential of property
• Significant cost savings: lower cost than providing services individually
• Reduced administrative burden: allowing the developer to focus on the most important tasks (sales and development)
• Faster deal executing time: standardized system and process ensures quicker turnaround time
• More efficient system for executing transactions: centralization of activities related to funds management, documentation and closing allows better control and efficiency
• Accurate and up to date tracking of project status and funds

Advantages to Clients

• Real financial guaranty against loss
• Absolute security of funds
• Reduced investment risk
• Increased resale value of the property
• Significant cost reduction vs. requesting all services separately

Contact forlacol@gmail.com or Ursula (507) 6676-5151 for more information on how we can advise you regarding title insurance, escrow services, or title search.

The main areas that are researched are the following:

Public Registry of Panama – Here the attorneys check to ensure that the property is registered to the name of the seller, or the sellers entity (corporation, foundation, or trust) and that there are no pending liens or encumbrances on the property. A copy of the public deed and all amendments to the public deed are extracted from the Public Registry, which are then researched and confirmed to be valid and authentic.

Ministry of Economy & Finance – Here the attorneys check to ensure that the property has all property taxes paid up to date.

Utility Companies – The attorneys check with the various utility companies to ensure that the property has all water utilities, electrical utilities, etc. paid up to date so that there are no future claims from the utility companies.

Agricultural Reform Department – In the event that the property is not titled property, rather it is what is referred to as “Possession Rights” property (Propiedad de Derecho Possessorio), the attorneys research and confirm the Possession Rights Certification at the Agricultural Reform Department (the department that regulates government lands in rural areas that are granted ownership rights to those citizens or entities who have proven use of the land through a Possession Rights Certification).

Courtesy: of Panama Offshore Services.

(Ocean Business Plaza or Banesco Tower ~ Banking District)

Property Registration Information – which includes:

1. Location and Address
2. Area in square meter
3. Type description and use of the property
4. Information regarding any burden to the title of the property.
5. Lease agreements or other agreements granting use of the property.
6. Registered liens, easements, encumbrances or limitations.
7. Chain of Title.

Title Search also requires:

• Certificate of absence of Liens
• Certificate issued by the Catastro Office regarding total area and registered value of lead and improvements.
• Survey with Delineation of the Meets and Bounds.
• Good Standing Tax Certificate for the Property.
• Good Standing or EVIDENCE OF Payment of water, sewage and other Contributions.
• Condominium Property Regime, if applicable.
• Time Share Regime, if applicable.
• Ground Lease Structure, if applicable.
• Mortgage Indebtedness and Mortgage Cancellations.
• Covenants, Conditions and Registrations on the Property.
• Description of Physical Inspection (including for review of easements for possession by third parties).
• Impending Litigation: report of Legal Status of any lawsuits affecting the property.
• Appraisal of the Property.

Part of obtaining title insurance is conducting a title search. A title search must be done by a lawyer. We work with a network of lawyers that we can recommend to do this search for you. For more information please contact us at forlacol@gmail.com or by phone (507) 6676 5151 (Ursula)