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Thursday, April 27 2017 @ 06:51 AM EDT

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FREQUENTLY ASKED QUESTIONS ABOUT TITLE INSURANCE

Title InsuranceValuable information from LatinAmerica Title Co.

Real estate has traditionally been a family's most valuable asset. It is a form of wealth that is protected by many laws. These laws have been enacted to protect one's ownership of real estate and the improvements located on the land. The owner, the owner's family, and the owner's heirs may have rights or claims in and to the property that you are buying.

Those who have an interest in or lien upon the property could be governmental bodies, contractors, lenders, judgment creditors, or various other individuals or corporations. 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.

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WHY TITLE INSURANCE IS NEEDED

Title InsuranceHere is a well written article about "Title Insurance in Panama" by my friends at POSI:

By: Steven Rich, Marketing Manager & Jessica Angulo, Attorney for Panama Offshore Legal Services

Two foreigners bought real estate in Panama in 2006 from a seller who produced a “Paz y Salvo” certificate from the Ministry of Finance showing that he owed no property taxes.

In reality, when the seller bought the property it was improperly registered with the Ministry of Finance’s Cadastro office, which determines property taxes. The seller should have been paying higher property taxes.

The Ministry of Finance (MEF) discovered the error and levied an $11,000 property tax lien on the property against the buyers.

The buyers petitioned MEF to admit their error and exonerate the new owners from paying it. MEF refused explaining that the $11,000 past due property taxes remain with the property as a lien regardless of who owns the property.

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Panama Title Insurance?

Title InsuranceTitle insurance is your policy of protection against loss if any problem results in a claim against your ownership. If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense and pay all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

Title Insurance is available in Panama! Why do I need title insurance?

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