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Checklist for Buying Property in Cayman

Tuesday, March 19th, 2019 at 9:32am Shell Admin Cayman Islands

Checklist to Buying Property in Cayman:

1. Get Pre-Approved from a bank of your choice; (we recommend you meet with at least 2 banks and get the best rates, terms and customer service satisfaction).
2. Go shopping online at CIREBA.com to search for properties’ according to your personal criteria. Then choose one of our CIREBA trained agents at Engel & Völkers who will assist with determining and viewing the homes.
3. Select your 5 top houses you are best interested in and arrange a 2nd showing/ viewing. Ensure to ask information regarding the property, past sales, any aerials photographs and interior pictures, etc.
4. Once you have chosen a Home; Make a written Offer to Purchaser.
To comply with CIREBA and Cayman Compliance Regulations, you are required to provide the agent(s) with your Identification such as your Passport, Driver’s license and proof of residence (Current Address). The sales agent will help you decide on the offer price. You will want to make an offer at the current market value and not so low you insult the seller. Or wore yet another buyer may have a better offer and you will lose out.
5. Add your conditions to Clause 5 of the contract such as home inspection, pest control inspections, financing condition. If you are buying a condo, ask to see the Strata documents and the latest AGM minutes.
6. You are required to have your Deposit funds ready, to put into the listing agent’s Escrow account until closing/completion.
7. Once the offer is accepted, now work thru the conditions in Clause 5.
8. Dates Agreed; Respect these dates. If it seems that the dates will expire as agreed to in Clause 5 of the Offer to Purchase, you need to request an extension from the sellers. (Some sellers may or may not agree).
9. Once you have satisfied regarding all your due diligence/conditions, you will be asked to waive those conditions, after you do so the Offer to Purchase contract will becoming Pending and your deposit is non-refundable unless the seller cannot complete the sale.
10. Your mortgage Broker will have a long list of items you will need to provide, make sure you do this quickly to keep the process moving ahead.
11. Once you have been approved for the bank mortgage, they will ask you to sign your mortgage documents. Next step is your bank will assign an Attorney for you to complete the Transfer of Land document, this is double-sided and signed in front of your Attorney, or Notary Public, 3 originals are required.
12. Your Attorney and the Seller’s Attorney will liaise to complete the deal.
13. You will receive a “Section 6.4” which is a document stating that there is an outstanding strata fee to be paid from the sellers and therefore you will join the Strata with a $0.00 balance on your strata fees. Strata fees include garden and pool maintenance, common are water and power, security, pest control, cable and/or internet; all of these items will be listed in the AGM minutes. Insurance cover note will be sent to you and your lawyer as proof of insurance.
14. Before the day of closing, you can ask for another walk-thru the property.
15. At the end, you will get the keys and a copy of the Transfer Documents, take this to CUC and Cayman Water or Water Authority to put the utilities into your own name.

Call Engel & Völkers 345.623.1400 www.cayman.evfinehomes.com

Congratulations! You are now a homeowner in the Cayman Islands!

Heidi Kiss, Broker, License Partner and Advisor

heidi.kiss@engelvoelkers.com

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