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Panama's Possession Rights Law
TITLE REGISTRATION IN PANAMA
In an incentive not unlike the former US practice of squatter's rights, Panama property law allows for a Panama possession rights, or Derrecho Possesorio, method of acquiring land in Panama. The investment law for this type of procedure is the following:
Verification of Panama Possession rights
The first thing to ensure is that the land has possession rights (derrecho possesorio) or rights of possession in order to register the title. The Panama Possession Rights is the right to obtain a title registration deed from land granted by the Government to a particular person. To obtain this information and to confirm who is the legal owner of the land you need to obtain a Reforma Agraria Certificate. This certificate verifies the identity of the current rights of possession owner.
An attorney who understands Panama investment law will be able to guide you through each step of the process.
Obtain a Panama Power of Attorney
You will need to grant a Power of Attorney to ensure that your best interests are represented regarding Panama property law.
Your Attorney will investigate and request the Reforma Agraria certificate on your behalf. A plat of the land will be required in order to obtain confirmation of boundaries which are listed by the Reforma Agraria.
Obtaining your Panama possession rights deed
After obtaining this document to confirm the land registration, Reforma Agraria will provide the deed. The deed will confirm ownership, location, measurements and boundaries of the area to be granted on a title registration. Your Attorney will register all the information on the Public Register Roll of Panama in order to make it a part of Panama property law.
Necessary time for obtaining a Panama possession rights deed
Land registration from Possession Rights to registering on the Public Roll of Panama can take up to 24 months; however, in most cases it will be entered into investment law within 9 months.
Panama legal services
The legal fees are dependant on the size and location of land. Panama legal services are generally quite affordable and the experience of a Panama attorney in any Panama property law related case is critical. While this method of acquiring land and be tricky and time-consuming, the results can be very good for the diligent-minded.
Like the laws that created the land rush of the 1800's in the United States, the Panama government's use of possession rights has helped to occupy national land. This opportunity has been extended to foreigners as well as nationals, making it an exceptional opportunity for all.
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