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January 2017

Found 4 blog entries for January 2017.

Realtors are rich! Really? Have you heard others say that? Let me explain how a real estate agent gets paid in the Cayman Islands. Under the MLS and CIREBA, we charge anywhere between 4 and 10% depending on the list price of the property. In Cayman, the listing agent represents the sellers, and the seller pays the listing agent the commission, and if there is a co-broker involved, then the fee is split 50/50 before Brokerages.

For example, if someone sells a $400,000 home the commission is 7% therefore $28,000. $14,000 goes to the listing agent, and $14,000 goes to the Brokerage who introduces the buyer. However, the agent does not get all $14,000 of that commission; they have to share it with their Brokerage, and a portion of that fee goes to cover

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Who pays the Real Estate Commissions in The Cayman Islands?

In Cayman, the Vendor of the real estate pays the real estate fees to the Listing agent, (unless agreed by all parties) and they then share the commission with a co-broker agent. An Engel & Volkers CIREBA agent has the fiduciary responsibility to the vendor/client, and a buyer of the real estate is the customer, to whom that CIREBA agent must treat in an honest and trustworthy manner.

Brokers who are apart of the MLS and CIREBA, (stands for the Cayman Islands Real Estate Brokers Association) our commission fees are set in stone. Any CIREBA Broker or Real Estate Agent who cut their commission to entice a Vendors listing is breaking the CIREBA rules.

The commission is set, depending on the

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Tax Avoidance and Tax Evasion what is it mean and what is Tax Neutral and Tax Haven?

I am a Realtor in the Cayman Islands, but not a lawyer nor an accountant and every country have their tax code, and as Realtors in Cayman, we have no the authority nor knowledge on tax law.

Let's get real; no one likes paying taxes ever but if we live in a country that pays for some of our services we all have to pay taxes, even in the Cayman Islands.

Many times the words tax avoidance and tax evasion are often used interchangeably, but there is a massive difference. Tax avoidance is legal, but tax evasion is outright illegal and criminal.

Tax Avoidance is the lawful way of reducing taxes owed, by obeying legal tax code or deferring paying taxes of your domicile

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7 Mistakes to Avoid when buying property in Cayman

1) Uneducated in the buying process: This is one of the most important and stressful things to do in life. So read real estate blogs, to educate yourself. Ask our Realtors at Engel & Volkers for the one-page checklist of "Checklist to Buy Properties" this is helpful and we can help alleviate the stress by advising you on the process.

2) Not having the best agent on your side: Yes you can look at FISBO on Ecaytrade, Craigslist or Kijiji but FISBO can be dangerous to you, you are dealing directly with the homeowner, and there are many pitfalls in that. Choose a full-time CIREBA trained Realtor. Yes, giving your auntie who is part-time to assist you may not be the best thing to do, a part-time agents

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