My condo on Grand Cayman is listed with CIREBA. Can any CIREBA agent sell it or just the agent I listed it with? Can non-CIREBA real estate companies sell my property or am I now obligated to go through CIREBA? Can I sell it without using an agent and if so, how?
Auntie’s answer: I put your questions to local realtor Tony Catalanotto, who very patiently went through each one. First, as your property is listed with CIREBA that means that all member agents, since they subscribe to the MLS (Multiple Listing System), can access and sell it, even if the property wasn’t originally listed through them.
At the same time, once a property is listed through CIREBA, a non-member agent cannot sell it. However, if a non-CIREBA, registered real-estate company finds a buyer, they would be paid a referral fee if their offer results in a sale.
If you don’t want to use an agent, you are free to try to move the property but once it is listed through CIREBA, then all offers must go through a member until the terms and conditions of the listing agreement have expired. To sell it on your own, you would be responsible for advertising, marketing and showing the property yourself, as well as negotiating prices, which is probably why people use real-estate agents.
Mr Catalanotto also wanted to point out that CIREBA members get extensive training and have to sit an exam before being able to list or sell a property. “Much like any other professional, they are qualified experts in the field of real estate,” he said.
Category: Ask Auntie