You have probably purchased Real Estate before - but probably not here. Every jurisdiction is different, so in the space we have here we will concentrate on the differences between purchasing in North America, the UK, or Europe, and the Cayman Islands.

The biggest difference between the UK & Europe and Cayman is the existence of a Multiple

Listing System. Americans and Canadians have them and it is a central repository for listing information and sales data. Here it is run by the Cayman Islands Real Estate Brokers Association (CIREBA). Every CIREBA company (30) and every agent (180) has access to all the CIREBA listings in Cayman (1992). So you only have to visit one realtor to see anything and everything.

CIREBA's magazines, produced three times a year, and its website www.cireba.com showcase many of these listings and contact details of member companies.

How to make an offer

Your realtor can advise at what percentage of the listing price sales are being made. They will also walk you through the CIREBA Offer to Purchase form often used in Cayman property transactions. You don't need a deposit to make an offer but you will need 10 per cent of the agreed price within a few days of acceptance to bind the deal. This is held by the vendor's attorney or agent until closing. There are no escrow companies here. Closing periods are generally 30-90 days.

Typical contract conditions

The most common is financing. Local banks finance both locals and foreigners and it takes 30-45 days. You will need to provide tax returns, banking and professional references, a property appraisal etc. Most banks will provide a list of things they require.

When purchasing a condo, obtain copies of the bylaws, last year's financial statements, and the minutes of the strata's last Annual General Meeting. In the case of a house, you may want a structural survey (which will take up to three weeks) and copies of subdivision covenants if there are any.

For land, you may want the seller to identify the boundaries. What about title you ask? In Cayman where our title system is basically the Torrens system, government guarantees that the Land Register, readily available public record, includes all title details. There is no need for title insurance here.

Legal input

Our title system is less complex than most other jurisdiction, and Cayman Law is basically British with some local influence. This said it is advisable to instruct a local attorney do, at least, your first conveyance for you.

Closing costs

The only significant closing cost is stamp duty which is paid to government on every transaction when new ownership is registered. In lieu of annual property tax, it ranges from 4 - 7.5 per cent of the value of the real property (not furnishings). The rate depends on the location of the property and whether or not you are Caymanian. If you borrow there is also a 1 - 1.5 per cent stamp duty on the mortgage amount.

In closing

Almost everyone is excited to be buying or sorry to be selling here. Families grow up during their many vacations here and Cayman becomes a memorable part of the lives of each of these families.

But time passes, circumstances change, and vacation hideaways are sold. And when that happens, although it is bitter sweet for long-time visitors there is usually another bonus at the end - a healthy profit on the sale.

J.C. Calhoun is senior broker at Coldwell Banker Cayman Islands Realty, a 20 year member of the CIREBA Board, and President of the Coldwell Banker Franchise for the Caribbean and Atlantic Islands.