Chicago Title Costa Rica to open operation in Panama
(coztarica.com) The firm Title Latinoamerica, representative in Costa Rica from Chicago Title, will open next May 27 operation in Panama where they will provide the warranty services on property deeds and administration of funds for payments.
Alvaro Salas, regional vice president of business development, explained that Panama, unlike Costa Rica, had to establish itself as insurance, which in turn reinsured with the U.S. parent Chicago Title.
To start this operation Latinoamerica Title, whose shareholders are Costa Rica, had to make a contribution of $ 2 million to the Panamanian authorities and lead a process of paperwork about a year.
Salas said the security services about the history of the properties do not exist in Panama, as the administration of funds by a third party.
This is to handle money and documents for buyers and sellers of properties handed as indicated by each party.
Besides the traditional client in this region, the U.S. citizen to buy a second home for retirement, Chicago Title Panama seeks to take its customers to trade groups and hotel chains that nation, or are about to enter.
Along with the main contribution, Salas said it invested about $ 350,000 in costs associated with the opening of lawyers and resources to process.
Chicago Title is the largest title issuer and provider of real estate related products and services in the world, distinguished by an unsurpassed distribution system comprised of over 1,000 offices and 7,000 agents.
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Original Source: coztarica.com
Date Retrieved: May 15, 2009.
