|
FIRST: The first step is to print, complete, and sign, an Escrow Agreement. The Escrow Agreement is very important because it regulates the relationship and defines the terms and conditions of the escrow services that are provided, plus it is required by the bank to clear the funds. The Escrow Agreement can be downloaded at the following link;
http://www.panamatitle.com/download-forms.php If your transaction is for the purchase or sale of property in the Republic of Panama, then you should ALSO download the POS-Property-Order-Form. The order form is necessary for our us to have all of your personal contact information, as well as all of your property transaction information clearly detailed. The POS Property Order Form can be downloaded at the following link;
http://www.panamatitle.com/download-forms.php SECOND: Next, please make a photocopy of your valid passport (if you do not have a passport, please use an alternative identification, such as a government issued drivers license), and get a bank reference letter (or copy of your bank account statement) from the bank where the funds are being sent from. If the funds are being sent from a third party, then please write a detailed letter to explain where the funds are being sent from. Please note that the bank may require additional information about the source where the funds are sent from if the funds are sent from a third party.
THIRD:
Fax the completed and signed Escrow
Agreement (http://www.panamatitle.com/forms/escrow-agreement.pdf),
photocopy of passport, and bank reference letter (or account
statement or third party letter) to either our toll free US
fax number 1.800.716.3452, or to our Panama fax number ++
(507) 236.7150.
FOURTH: Depending on the amount of wire, if is more than $50,000.00, you should provide information and documentation of origin of funds (savings, business transaction, property sale, etc.), and information and documentation in regards to destiny of funds (example; a Property transaction, investment, etc. -- if we are processing your transaction we could provide this information to the bank). This information should be provided through a letter, signed by you, explaining these details, with supporting documentation such as a purchase agreement, bank or investment account statement, etc.
FIFTH: Once the above is complete, then you may deposit funds to Panama Title & Escrow Inc. to complete your transaction.
Clients of Panama Title & Escrow Inc. may deposit funds by any of the following methods;
I. Deposit
by Bank Wire Transfer;
The fastest way to deposit funds to escrow is by Wire Transfer. Simply provide your bank with the following wire instructions;
| Intermediary
Bank: |
HSBC
Bank, New York, NY, USA |
| ABA
#: |
021001088 |
| SWIFT: |
MRMDUS33 |
| Beneficiary
Bank: |
Credicorp
Bank, Panama City, Rep. of Panama |
| Beneficiary
Bank Account #: |
000-047490 |
| Final
Beneficiary Name: |
Panama
Title & Escrow, Inc. |
| Final
Beneficiary Account #: |
4010023847 |
After sending any wire transfers, please confirm by faxing us a Wire Deposit Notification Form. This form is necessary for us to identify your wire transfer when it enters the escrow account, and it is required by the bank to identify the sorce of funds. The Wire Deposit Notification Form can be downloaded at;
http://www.panamatitle.com/download-forms.php
Fax
the Wire Deposit Instruction Form to either
US fax: 1-800-716-3452, or
Panama fax: ++(507) 236-7150
II. Deposit
by US Dollar Check;
US checks take 21 business days to clear in our escrow account. Local Panamanian checks take 3 business days to clear.
- Please
make checks payable to “Panama Title & Escrow
Inc.”
- Send
checks by courier (FedEx, DHL, UPS, TNT, etc.) to the following
address;
Panama
Title & Escrow Inc.
Ave. Ricardo J. Alfaro,
Sun Tower, 1st Floor, Office # 39
Panama City, Republic of Panama
Tel: 507.236.8303
- Send
checks by POST mail to the following address;
Panama
Title & Escrow Inc.
PTY 196, PO Box 025724,
Miami, Florida, 33102, USA
SIXTH: If your transaction is for the purchase or sale of property in the Republic of Panama, and you are utilizing a corporation with nominee directors to hold ownership of the property, then you must also send (by fax, scanned email attachment, post, or courier) us a letter of Authorization for Nominee Signatory to sign the purchase/sale documents. The letter of Authorization can be downloaded at the following link;
http://www.panamatitle.com/download-forms.php
SEVENTH: To disburse funds from the escrow account, you must complete, sign, and send us (by fax, scanned email attachment, post, or courier) a Disbursement Request Form, which can be downloaded from the following link;
http://www.panamatitle.com/download-forms.php
|
