Trust to Ensure Housing Projects
The government of Panama intends to create a trust fund fed by payments from buyers of construction sites, to be used as collateral against the project being abandoned or defects being discovered.
Friday, July 20, 2012
The Authority for Consumer Protection and Competition (Acodeco) is proposing a trust as part of a system that protects consumers in the event that the promoters of a construction project abandon it or fail to deliver the warranties after completed.
With the increase in Panama in complaints about breach of contract with developers of housing projects, a new bill is being preparing in order to limit abuses.
A new bill in Panama provides guarantees in real estate development and makes tips voluntary, among other topics.
In the last five years the Authority for Consumer Protection and Competition of Panama resolved 1.676 lawsuits against developers and builders.
Banks, supermarkets, shopping centers and residential development projects characterize the growth of a province with half a million consumers.
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