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Buyer's Guide

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PURCHASING PROPERTY IN THE CAYMAN ISLANDS

Guidelines

Anyone may own property in the Cayman Islands; there are no restrictions on foreign ownership. These simple guidelines will help you move through the purchase process with confidence.

Buying property in the Cayman Islands is a straightforward procedure supported by robust laws and professional oversight of ethical standards by the Cayman Islands Real Estate Brokers Association (CIREBA).

As a member of CIREBA we can search the thousands of listings in the MLS (multi-listing service) database to identify properties that match your criteria.

Our staff will guide you through the process of purchasing your property. Here is a breakdown of the steps.

  1. WRITTEN OFFER – A written offer is the first step. Trident Properties will provide you with the appropriate paperwork as well as advice on gauging the market. When the offer has been presented to the seller, the seller may accept it as is or may respond with a counter-offer. We will help you with further negotiations to finalize the offer and secure an agreed-upon contract. Once the contract has been signed by both parties, the transaction is considered “pending” or “pending with conditions.” At this stage, a Government Stamp, costing CI$100 (US$125), is required and is paid for by the purchaser.
  2. DEPOSIT – A deposit is held in escrow and is refundable if all conditions are not met to the buyer’s satisfaction. Once all conditions of the contract are met the deposit becomes non-refundable.
  3. ATTORNEY – Our staff will contact your attorney to advise the status of the contract. Using an attorney is strongly recommended. You may select your own, or we will be happy to advise you on this very important point. The attorney will conduct a title search, prepare title requisitions, review the completion statements, review strata documents (and, if applicable, remove charges from the property), meet for closing and coordinate the receipt and disbursement of closing funds.
  4. MORTGAGE – The purchaser may apply for a mortgage loan with a local bank if desired. Notification should be given to the lender of the closing date to ensure a smooth transition.
  5. SEARCH AND STAY – A Search and Stay (paid by the purchaser – CI$50.00 (US$62.50) is placed on the property title which ensures that there are no outside claims on the title and that the property being purchased is registered with Lands and Survey as represented by the seller. The Cayman Islands Government guarantees land titles, thereby making title insurance unnecessary.
  6. CLOSING – All purchase and closing costs must be available at closing. In addition to the purchase price plus stamp duty of 7.5% these costs may include legal fees, utility deposits, and Strata (condo association) fees. The Purchaser’s and Vendor’s Closing Statements detail all monies due to all parties. You may ask either your attorney or our staff to help you prepare your Statement. As there are no property, capital gains or inheritance taxes in the Cayman Islands, the purchaser will have no further payments to the Cayman Islands Government once the land transfer (registration of land title CI$100) has been paid. Sales commission is paid by the vendor and is due at closing.
  7. TITLE DEED – After closing, the Transfer of Land document (title deed) will be delivered to the Land Registry office. The purchaser’s name will be transferred to the title within approximately 3 weeks.

Trident Properties will ensure that all parties are working together closely to see that all actions are covered in a timely manner and there are no delays or disruptions to the process. We want to make the purchase process an easy and seamless transaction.

 

Summary of Purchaser Costs: Cl$
Purchase price $
Government Stamp to register purchaser agreement            $100.00
Search & Stay $50.00
Stamp Duty – 7.5% of purchase price $
Registration of land title $100.00
Legal fees – typically 1-2% of value of transaction $
Bank fees – typically 1% of loan value $

Stamp duty on mortgage – 1% for mortgage up to $300,000;

1.5% for mortgage greater than $300,000

$
Utility deposits $

 

 We have assisted many clients just like you to buy and sell property in the Cayman Islands. Give us a call and let us explain how easy it can be for you.