The Four Different Types Of Property Available In The Panama Real ...

Posted on September 17, 2012
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When investors look to buy house in the Panama corporate housing market, they?re often interested in four specific kinds of property. Each kind is defined by the circumstances of ownership, as set down in any appropriate records on file with area magistrates. No matter who may claim ownership rights , the federal government of Panama tends to go by what ever documents were recorded last. It is expected that every owner of land make certain that the files pertaining to their home are kept current , both for taxes as well as right to possession.

Titled Property As Panama Real Estate

The majority of properties that comes up on sale in Panama is of the kind referred to as titled property . This means that a legally registered owner purchased the property, had an appropriate buy-sell agreement created by a legal professional, and filed with the business office of public registry. This entitles the owner of record to whole land rights of that property, and also the liability of maintaining property taxes current. By being the registered owner, that person can then lease out, or grant a right of ownership to a third person, if they so choose. A good real estate company that can advise you on these legal manners is Panama Realty

Right Of Possession

Under Panamanian law, when an individual has been granted a right of possession to a parcel of land, then they have squatters rights towards that stretch of land. Often, this will happen whenever federal government owned property is occupied by third-party for a length of time, and they apply for and acquire an official certification of possession. Possession rights are often granted by a local sheriff, mayor, or federal government bureau. The possessor does not own the exact property so they are not legally bound to shell out taxes on it, but, if they build in that land, they will be subject to national taxes. In order to qualify, they have to prove actual occupation that land, great confidence in taking care of that land , and also have no one opposing their own certification.

Concession Property

The third kind of Panama real estate that typically comes up for sale are concession properties. These are parcels of land that have reverted back to the federal government, and are now being land rented to an individual or business organization, for a certain reason. Most concessions in Panama are granted for a max lease period of two decades. Every lease is subject to renewal, and might be done so with out end, so long as the purpose for that land stays the same . This kind of arrangement is often executed in places that are shielded by Panamanian law, and cannot have a title issued for them. Real estate developers interested in making timeshare properties, will often find concession properties from local government authorities.

Government Property

Finally, the very last kind of Panama real estate frequently found up on sale are parcels of land titled as federal government property. These are specific instances where rights of possession certificates had been issued to people or business entities, and were abandoned. While no title is granted, a new owner can seek a right of possession certificate, rather.

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Source: http://www.donnastark.com/2012/09/17/the-four-different-types-of-property-available-in-the-panama-real-estate-market/

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