One of the most important things prospective buyers of Cayman real estate should know is that it’s likely in their best interest to work with a real estate agent that is a member of the Cayman Islands Real Estate Brokers Association, or CIREBA.
Here are a few things you need to know.
About CIREBA: Code of Ethics
In order to meet the requirements for membership in CIREBA, all prospective members must uphold the organization’s Code of Ethics.
It is the responsibility of every CIREBA member to uphold this Code of Ethics, the purpose of which is to maintain the organization's reputation by manifesting a high standard of ethical practices in dealing with buyers and sellers.
About CIREBA: Membership
Membership in CIREBA offers benefits to both members themselves as well as the interested parties that work with them.
To become a member, one must demonstrate excellence in Cayman real estate. Membership provides for a connection with the network, as well as access to resources for continuing professional development, such as AML training.
The network, which consists of over 270 agents and 38 firms, supports itself with ongoing training, with the goal of advancing the Cayman Islands real estate industry.
Membership in CIREBA also grants agents access to the CIREBA MLS, which is as much a benefit to prospective buyers as it is to agents.
Benefits to Buyers and Sellers
The obvious benefit to prospective buyers of working with a member of CIREBA comes in the form of working with a Cayman real estate agent that upholds a high standard of ethical practices.
Additionally, members of CIREBA must keep up-to-date with laws and regulations regarding the real estate market. Thanks to numerous opportunities for training and professional development, CIREBA members are experienced and knowledgeable across the islands.
However, one of the best benefits of working with a member of CIREBA is access, through the agent, to the Cayman Islands Multiple Listing Service, or MLS.
The MLS is the most comprehensive database of properties available in the Cayman Islands. It gives buyers a central reference point for investigating available listings, and it gives buyers the ability to leverage the skills of all CIREBA members to show their properties.
About Stamp Duty
The stamp duty is a one-time tax payable to the government of the Cayman Islands, assessed on all real estate purchases and transfers.
The rate is the same on all three islands: 7.5% on either the consideration (purchase price) or the property’s market value, whichever is the higher figure.
The Lands and Survey Department of the Cayman Islands may carry out a property assessment to determine the applicable figure, which must be paid by the buyer (unless contractually otherwise stated) within 45 days of signing a contract.
There are certain exemptions, thresholds, and considerations applicable to stamp duty on land purchase. For more information on these, please consult the Lands and Survey Department.
Commonly Asked Questions
Strata fees are often applicable to condos and are similar to HOA fees. These are fees assessed on the costs of shared amenities and costs like insurance, common water and power use, and property maintenance, and set by a budget.
The seller typically pays realtor fees.
There are usually plenty of properties for sale in the Cayman Islands that are furnished. According to CIREBA’s official estimates, up to 95% of all condos and homes for sale in the Cayman Islands are available furnished.
Anyone can own property in the Cayman Islands. There are no restrictions on foreign ownership and property can be held in the name of an individual or a corporation.
There are many financial institutions in the Cayman Islands offering financing, and it is advisable that you do secure financing before beginning a search for property in earnest. Terms of 10 to 15 years are common but loans offering 30 year terms may also be available. Speak with your Cayman real estate agent for details.
The government of the Cayman Islands assesses qualifications for residency on a basis that accounts for property ownerships, financial stability, occupation, and other factors. Owning property can help your consideration; contact us for more information.
More Questions About Cayman Real Estate? Contact Us!
Ready to get started in your search for Cayman real estate? Crighton Properties is a member of CIREBA with many years of experience helping buyers achieve their goal of homeownership in the Cayman Islands.
Take a look through the Cayman Islands property listings available on our website and get in touch with us today at 345-949-5250 to speak with us about your goals so we can help you reach them.