Buying property in Cayman is nothing short of putting feet in paradise. Buy a house, move in, rent in, get hold of a condo or simply buy a land to construct your house as per your requirements. Ready-made homes are always welcome, specially when you are a foreign investor here and want to move in as soon as possible. Even when you have been staying here for quite sometime and
have planned to continue the stay for your entire life, buying a ready-made property is a good decision. But if you want the liberty to construct your own house, at your own sweet time, well, it is best for you to buy a piece of land for yourself.
Land purchasing is as easy as purchasing a home or a condo. Mortgages and loans are easy and so are insurance plans. Better yet, is the fact that, once you go for land purchase, the one time stamp duty that you have to pay would pertain to the cost of the land and not that of a purchased home, which would, by any means be far less than that on a home.
Coming to the process of how you actually would make the payment, well there are two ways of doing it. Either pay 10% of the total amount as a deposit and the remaining 90% after the property is transferred in your name or make staged payments. You can decide on any of the options, in a mutual conversation with the seller. Most sellers have pre-determined contracts that state the procedure of payment. You can negotiate depending on your budget and the loan facilities you have at hand.
Both these options are equally good and yielding. For the staged payment option, it is good if you talk to your banker. For the legalities regarding the liens and other liabilities on the property, it is better to get a good attorney to do the verification task for you. Your real estate agent could take care of the other things. But take care that your real estate agent clears up things with the seller before any finalization step is taken towards the concerned property.
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