Panama

UNIVERSIDAD LATINA DE PANAMÁ

FACULTAD DE DERECHO Y CIENCIAS POLÍTICAS

INGLES JURIDICO

REAL ESTATE

FELIPE ORILLAC

CÉDULA: 8-799-706

PROFESOR: ENRIQUE STERLING

INDEX
1) Introduction
2) Etymology
3) Business sector
4) Residential real estate
5) Market sector value
6) Mortgages in real estate
7)Panama Real State
8) Promoters
9) Pre-sale
10) Type of buildings to conserve and restore those
11) Preferential mortgage loans for the restoration, destined to
12) Update on Purchasing Property in Panama
13) Titled Properties
14) "Possession Rights” Properties
15) Other Alternatives for Purchasing Property in Panama
16) Real EstateTransfer Tax
17) Real Estate or Property Tax
18) General terms
19) Retirement in Panama , Living in Panama
20) Boquete in the Chiriqui Highlands
21) Panama City
22) Bocas del Toro
23) Frequent Ask Questions
24) Conclusions
25) References and External links

1. Introduction
Real estate is a legal term that encompasses land along with improvements to theland, such as buildings, fences, wells and other site improvements that are fixed in location—immovable. Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial and residential real property transactions. Real estate is often considered synonymous with real property (sometimes called realty), incontrast with personal property (sometimes called chattel or personalty under chattel law or personal property law).
However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property", referring to ownership of land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest,benefits, and inherent rights thereof. Real property is typically considered to be immovable property. The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.
2. Etymology
In law, the word real means relating to a thing (res/rei, thing, from O.Fr. reel, from L.L. realis "actual," from Latin. res, "matter, thing"), asdistinguished from a person. Thus the law broadly distinguishes between "real" property (land and anything affixed to it) and "personal" property (everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. The oldest use of the term "RealEstate" that has been preserved in historical records was in 1666. This use of "real" also reflects the ancient and feudal preference for land, and the ownership (and owners) thereof.
Some people have claimed that the word real in this sense is descended (like French royal and Spanish real) from the Latin word for 'king'. In the feudal system (which has left many traces in the common law) the kingwas the owner of all land, and everyone who occupied land paid him rent directly or indirectly (through lords who in turn paid the king), in cash, goods or services (including military service). Property tax, paid to the state, can be seen as a relic of that system, as is the term fee simple. However, this derivation of real is a misconception.
3. Business sector
With the development ofprivate property ownership, real estate has become a major area of business, commonly referred to as commercial real estate. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of...