When do I get to see the strata docs? Otherwise known as HOA or condos docs? Also known here as Strataby Laws, and similar to HOA or condo docs, that are registered on the title for each condominium complex. You can request to see them as a condition to the Offer to Purchase along with the latest AGM minutes and financial records for the strata corporation. Owning part of a well-run strata or HOA will hold and increase your property values. What are strata fees and what do they cover? They are like HOA fees. It is a fee charged based on per sq. ft. of the condo. These fees have been set by a budget and the cost is for insurance, building maintenance, landscaping and pool maintenance, strata management company, bulk cable packages and common area water and power usage, to name a few things. What happens if a seller does not pay his/her condo fees? Any outstanding strata fees not paid prior to closing will be deducted from the seller’s funds and paid to the strata corporation. Your attorney will request from the strata Ex-Co or the property management company what is called a “Section 6.4” and this will outline any fees not paid and also if there are any future assessments for the property. Are there title insurance companies or escrow companies who facilitate the closing? No, we do not need title insurance because government guarantees title. However, we highly recommend that you hire an attorney to research the title and advise you if there are any liens, or problems with the title. The cost is between .55% and 1% of the purchase price. Is there freehold land or leasehold land? The majority of the land is freehold, but there are some parcels of land that is leasehold from the government. Leased land is uncommon, but ask your CIREBA agent and also your attorney. Can anyone own property? Yes, there is NO restriction of foreign ownership. You can own up to 3 properties in your own name. After that, you will need to have a license and your attorney can help with that. Is there property tax in the Cayman Islands? It’s $0.00, and that is not a typo. There is just no property tax charged on your property. Can I get a mortgage at a Cayman bank? If you are a non-resident, you can obtain a mortgage to purchase; however a maximum of up to 70% financing is available. Interest rates fluctuate and can be between 1% and 3% above the U.S. prime rate. Can I get Cayman Islands residency if I buy property? Short answer is yes. Please contact a local Immigration attorney for more detailed information. One such avenue is an Investment of CI$500,000 in developed residential real estate. This is one of the qualifications needed for the application of a Person of Independent Means. Are there inspection and valuation companies on-island? There is the Royal Institution of Chartered Surveyors (RICS Valuation Standards) and if you are obtaining a mortgage through a local bank they will assign an independent evaluation to value the home based on recent past sales. There are also home inspectors. Ask your CIREBA Realtor for a list of respected inspectors. Can I buy land and build my own dream home? Yes! You can find that perfect beachfront lot or a canal lot or an estate. We have many qualified architects and contractors. Ask your CIREBA agent for a few recommendations so you can interview them. Why does it seem like the whole island is for sale? No! There are only 1,600 listings on CIREBA — about 800 homes and condos and another 800 parcels of land over the 3 islands. There are a lot of signs that look like Realtor signs but they are actually vacation rental signs or names of the homes like in Cayman Kai. WWW.CIREBA.COM
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