When do I get to see the
strata docs? Otherwise known
as HOA or condos docs?
Also known here as Strata
by-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$1,000,000 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.
WWW.CIREBA.COM