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E. Condominium I. Since the promulgation of Law No. 39 of 2002, which amended Law No. 13 of 1993, the Condominiums Law in Panama was modernized under a new Statute ("Texto Unico"). Most of all new constructions on the city of Panama and in the beaches areas, be them residential buildings, offices, shopping centers, Hospitals or CondoHotels, are all regulated by this set of Law. Incorporating a Condominium under the present regulation is a well respected and expeditious legal procedure. II. Owners of apartments unit or offices or commercial spaces or beach side condohotel are regulated by this Statute and the issues of common spaces, private space, parking issues, elevators and security via the payment of maintenance fees are similar to those of Miami, as the Condominium Law in Panama relates with the existing one in the State of Florida. The Public Registrar Office is a well respected institution which guarantee Property Title. But at the same time, foreigners might feel secure by purchasing title insurance. And for that matter Land America Title Insurance and Stewart Title Insurance are register to offer such policies in Panama. This Law allows loan facilities from local Banks, to be fair and simple. Mortgages transaction are a long term tradition and will provide security to the Banks and usually loans extend for more than 10 years. The leading banks for this transaction are: HSBC Bank (Panama), Citibank (Panama), Banco General, DVB Bank and Nova Scotia Banks, among others. Interest rate for this industry are about the same as in the U.S. and are regulated according to the "prime rate".
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