Panama Title Insurance?
Friday, September 22 2006 @ 02:28 PM EDT
Contributed by: Kevin Bradley
Title Insurance is available in Panama! Why do I need title insurance?
Because land is permanent and can have many owners over the years, various rights in land may have been acquired by others (such as mineral, air or utility rights) by the time you come into possession of it, even if the land has never before been built upon. So in order to transfer a clear title to a piece of land, it is first necessary to determine whether any rights are outstanding.
A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller's right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.
A title search can also show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land.
Title insurance is an important consideration with the purchase of real property in Panama. Without it you may be asking for someone to challenge your ownership rights.
In Panama, a large Multi-National Company is reinsuring 100% of Title Insurance policies issued through a fully licensed Panama Insurance Company. Title Policies issued here are in accordance to laws and regulations of the Republic of Panama.
It will be my pleasure to help with your Title Ins. needs here in Panama! Kevin 322-1603 or Carmen 322-1605