Don’t crack open the champagne yet.
You must make sure everyone knows you -and only you – own it.
Do These 3 Things ASAP
1. Erect a fence along the property lines.
2. Put up a sign stating, “Propiedad Privada, No traspaso” (that is, “Private Property, No Trespassing”) with your name and contact information.
3. Regularly maintain the property by keeping the vegetation and yard under control.
These measures will ensure that everyone is aware that you now own the property. And further that you are occupying it.
Remember ROP land is owned by those who occupy it over time.
In Panama, maintaining the property is considered one way to prove you are “occupying” the land.
Did you buy an ROP house?
If you won’t be living in the house for while you should do 1 of 2 things.
1. Hire a caretaker for it
2. Get a renter
If it is a nice house that someone would eagerly move into and enjoy, rent it at market value. Don’t forget to get a signed and notarized rental agreement.
A Caretaker (Cuidador)
If it is a house that needs a major remodel, get a renter as caretaker. That is, rent the house for a nominal fee. It is a win-win situation since the tenant has a free or cheap place to live and you have a caretaker at no cost. We tell our “renters” not to pay the rent. It is free.
Make sure you sign and notarize a rental agreement with them. We make the rent a nominal amount like $50 a month. In the agreement, require the tenant to pay any utilities and other tenant-related bills.
Not hiring a caretaker has 3 advantages.
1. You don’t have to pay a caretaker.
2. You don’t have an employee and labor issues that may arise.
3. You can more easily evict the tenant once the lease is up.
We have never had a problem with a renter not leaving when we ask. However, putting a rental amount in the contract allows you to get enforcement from the Ministry of Housing. If necessary, you can tell the agency that the tenants have not been paying the rent cited in the contract. It can be hard to evict someone otherwise.
We created a titling guide, “How To Title ROP Panama Real Estate” to help you.
If you are still looking for your perfect Panama property, we invite you to explore our listings.