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Tips for Purchaser Buying property in the Cayman Islands

Tuesday, March 13th, 2018 at 8:19am Shell Admin Cayman Islands

 This could be your new neighbour!  Read below for some tips for purchasers

Dive pics Grand Cayman


1.    Speak with your banker to see how much you qualify for then call your CIREBA agent, and they can assist you in your property search!

2.    Prepare a short list of preferred areas that suit your lifestyle.  Keep in mind affordability and accommodation requirements.

3.    Ask your CIREBA agent at Engel & Volkers in the Cayman Islands to print out a list of recent sales of your preferred areas by using our extremely powerful Multi Listing Service called MLS.

4.    Develop a relationship with an Engel & Volkers Sales Advisors who specialize in your preferred area.  The agent will be able to offer additional advice and also alert you to new listings before they reach the media.

5.    When you find a property that suits your requirements, ask your agent to write up an Offer to Purchase along with any due diligence questions or conditions to the contract in the offer and the agent will then submit your offer to the Vendor or the Vendor’s agent.

6.    If what you offered is accepted, you will have to provide a deposit (this deposit will be placed in a lawyer or the listings agents escrow account pending completion of the sale.)  If it is not accepted the vendor may counter your offer with what they want, then you and your agent will negotiate something, either agree on it or you counter again. And you go back and forth until both sides agree.  Once you have reached an agreed price, you will then start to satisfy your conditions in the contract.  Such conditions may be that a local bank will loan you the money to finance your purchase or another standard requirement is that you want to see the financials and recent Annual General Meeting Minutes for the Strata or in North America it is the HOA or Homeowner association fees)

7.    Once all the conditions are satisfied, and you are happy with your Offer to Purchase you can go to closing.  We recommend that you hire a local attorney to do the conveyance or transfer of title. Usually, the charge for this service is between .5 and 1% of the purchase price, and it depends on the complexity of the closing.

8.    At Engel & Volkers Cayman Islands all our Estate Agents, pride themselves on assisting new homeowners whether they are moving across the street, upgrading to a larger home or are an overseas buyer.  We understand that buying a property is one of the most critical and most significant financial choices you and your family will make, so we are here to help you make it as seamless and stress-free as possible.

Heidi Kiss, Broker, License Partner and Advisor

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