Relocating to Cayman
Property Agent For Moving
When moving to a new house, it’s a must to know the most pertinent factors to make the complete process as worry free as possible. If you have the right help, buying or selling a house becomes really easy. The Cayman Islands’ real estate system is formed on a Multiple Listing System (MLS), through the nationally recognized body CIREBA (Cayman Islands Real Estate Brokers Association). Principally, you then work with one agent only. And so, it is significant to get the right property agent for moving.
Selling Homes
There is no harm in selling your home privately. But if you have a real estate agent with an immense experience of selling residences in record time for the best price, the journey is so much more convenient! Speak to a property agent and take benefit of free valuations and obtain a ‘market value’ report (necessary for residence sales in Cayman). At RE/MAX, we invest in marketing to give an edge to sales. The commission that is paid the agent is well worth the money. RE/MAX also has a lot of buyers waiting for great homes, so as soon as we put you up on the property listings, there is a high chance your house will be sold in no time.
Buying Homes
No matter how many properties you view, you will work with a single property agent. At RE/MAX, we have proficient and experienced real estate agents whose job doesn’t end at finding your dream home and taking care of negotiations and paperwork. We will guide you through the entire process – who to use for surveys, tips for new builds or home remodels, realistic ideas for your budget & more. We have the most listings, excellent knowledge and total dedication, so you could find your perfect home without delay by listing with us.
Moving To Cayman
If you are planning to relocate to the Cayman Islands or to buy a second home here, our team at RE/MAX can provide huge support and guidance. Apart from helping you find the perfect home, our relocation experts can provide you with immense local knowledge about moving to the island, setting up your house, finding schools, banks, cars, etc. We have a full service team and the property agents go the extra mile to ensure the customers remain happy homeowners.
Expenses
In the Cayman Islands, there are some standard expenses that you should know about before getting into the buying or selling process:
Stamp Duty – 7.5% (exemptions for the first time Caymanian buyers apply)
The buyer pays the stamp duty on the market value or sale price, whichever is greater.
1% charge on mortgages of less than CI$300,000 and 1.5% on CI$300,000 or greater.
Legal Conveyancing (property transfer) – a standard fee of 1% of the property value.
Strata Fees – In Cayman, a strata plan is the standard way condominiums and shared property complexes are managed. The plans differ in amount, so this needs to be considered during the buying period.
Property Valuation – This is generally done by the buyer and is needed by the local banks for a mortgage. Prices differ.
Outstanding debts – People who are purchasing a property must check for any unpaid bills and liens associated with the new property. The conveyancing activity should find any outstanding debts, but it must be verified with the utility companies as well.