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No matter if you are looking for a new property to purchase in your own area or in a foreign area, the process can be grueling and exhausting. There is a lot to consider before, during, and after the purchase. However, with the proper assistance and adherence to the long list of steps you need to take, you will have your property in your midst before you know it.
That’s where we come in at Crighton Properties. We have decades of experience providing real estate services for foreigners and locals alike in the Cayman Islands. We pride ourselves on finding the right properties for all of our clients, regardless of their preferences, and help them every step of the way.
Even though we will be with you throughout your property-buying journey, it can be helpful to know what to expect ahead of time. First off, you should know that of the Caribbean islands, the Cayman Islands are one of the easiest places for foreigners to purchase property for a number of reasons:
Have these points only furthered your interest? We’re sure that they have, so now let’s have a look at a list of steps of purchasing Cayman Islands property for sale, from beginning to end.
Before we would actually begin looking at Cayman Islands property for sale, we need to all have a better idea of what mortgage you would be supplied. In order to do so, as a foreigner, you have two options for a mortgage:
OR
The former of the two is the most popular option amongst those who are either foreigners or residents of the Cayman Islands. If you are in fact a resident through a work permit, you will need to wait six months before obtaining a local mortgage.
You should also discuss with your loan officer the list of documents you will need. In doing so, you will speed up the buying process, which generally takes about six weeks to complete.
In the Cayman Islands, the government requires a one-time fee of 7.5% of the overall real estate value. However, this fee can be waived in various circumstances. If you are purchasing bare land to build a personal home that is valued from CI $100,000 to CI $150,000, then you will not be required to pay the stamp duty.
Also, if you purchase a home, condo, apartment, or other such dwellings, you will not need to pay if it is valued from CI $300,000 to CI $400,000.
Assessing these steps will make your purchasing journey more convenient and more properly financed. Every home needs to be properly valued, so discuss during your first mortgage meeting who are their preferred valuators. That way, once an offer is accepted, you can get the valuation completed much faster.
The Cayman Islands require all buyers who finance their mortgage locally to have life insurance covering the mortgage. You will most likely need to do a physical exam beforehand as well.
Next, legal fees (aren’t there always?). Once again, bring this up with your loan officer during the initial meeting, as the bank will appoint an attorney to act on their behalf, for which you need to finance. You require an attorney for various reasons, such as documents and closing, so try to budget 1% for this point.
Now to find your dream home in the Cayman Islands! By working with us at Crighton Properties, we will have all the properties available for your choosing. We are a part of the Cayman Islands Real Estate Brokers Association, or CIREBA for short, which provides us with an MLS (Multiple Listing System) of the properties available on the islands.
Not only that, but CIREBA has high standards for the real estate entities it accepts, so you know that you will be in the most capable hands with us.
Once you have found the right property for you, we’ll need to submit an offer. You can work closely with us to define the price and other stipulations of this offer. Once the offer is accepted by both parties, we can get to financing and finally, the closing.
The closing process should be typically swift and painless, as everything has already been agreed upon. Your attorney will submit a form that, for fourteen days, no other charges can be filed against the land register. Then, finally, you will have your new home/property!
We cannot wait to get you started on this exciting home-buying process! Give us a call at 345-949-5250 so we can work together in finding you the perfect Cayman Islands property for sale!