Real Estate Questions
Does CIREBA vet its members?
Does CIREBA run background checks on all its recognised agents, e.g. for any prior criminal records (particularly given the large sums of money they have access to)? Auntie’s answer: The Cayman Islands Real Estate Brokers Association (CIREBA) requires a prospective member to submit a police clearance certificate, which is what the Department of Immigration mandates […]
Unhappy with CIREBA’s commission rate
In a recent case in the UK six real estate agents were fined £370,000 for colluding in fixing their commission rates at 1.5%. An article can be found about it here. This practice is against the law in the UK and many other countries. In Cayman the standard commission rate is set by CIREBA and for most […]
Condo tenants feel shortchanged on deposit
We left the island two weeks ago and left our condo clean and paid all utility bills beforehand. Our landlord was to put our $2,000 deposit in our account after we left. It turned out that he only put $500 in our account. When we emailed him he said it was for deductions. Do we have anywhere to go to try […]
Benefits of investing in rental property
Is buying and renting property in Cayman a good investment? I will not be living in whatever I buy. I am looking to spend up to about $500,000. Auntie’s answer: It is always nice to see someone interested in investing in Cayman. To help you on your way, I consulted with Tony Catalanotto of Rainbow […]
Potential buyer thinks strata fees are too high
I am thinking of buying a condo but at the one I like the owner is paying what I think are very high strata fees. If I buy the condo, do I inherit the strata fees or can I renegotiate them with the strata? Auntie’s answer: I’m afraid you are stuck in this instance. I […]
How is stamp duty assessed on inherited property?
I am leaving my house to my children in my will. When I die, will they have to pay stamp duty on their inheritance? If so, how would government work out what that is? Auntie’s answer: Finally, I am able to tell someone that the government will not take a fee for something. Yes, that’s […]
