Who has control over the development after all units are sold?
As soon as the project is completed, an Annual General Meeting will be held and an Executive Committee will be nominated amongst the owners (similar to a Board of Directors). The Executive Committee is responsible for operating the business of the Strata.

What level of involvement do the Strata owners have in decisions relating to the running of the property?
Each year there will be an Annual General Meeting of all the owners. The annual budget for all operations regarding the Strata is reviewed at each AGM and all decisions pertaining to the property will be discussed and voted on by the owners.

Will this property have hurricane insurance? How does hurricane insurance work?
Yes, the development will have property and liability insurance for the structure and common areas related to Colliers Cay. This includes loss from hurricanes and other natural disasters. This is typically included in the monthly maintenance fees payable by each condo owner. Each individual owner is responsible for his or her contents insurance.

Will the property have Hurricane Shutters?
No, shutters will not be installed on either of the buildings. Few medium to large scale condominium properties have hurricane shutters due to excessive cost. The buildings will be built with impact resistant windows. In the event that a hurricane threatens Grand Cayman, the executive committee has the authority to hire a company to install plywood over the windows or any other measures as it sees fit.

Will we, as an individual investor, have ownership of one specific unit (i.e. unit #3, the end unit of the first floor) or is this a joint ownership with the other owners of the building?
Yes, there is individual ownership of specific condos and each condo has a specific price. Upon completion of purchase you will receive a deeded title of the property registered with the Cayman Islands Government. In addition, each Owner (Proprietor) owns their unit entitlement share of the assets of the strata including any common areas and cash reserves.

How is Title Insurance handled in the Cayman Islands?
There is no Title Insurance in the Cayman Islands. The Cayman Islands Government guarantees the title to all property once it is registered.

Are the condo association by-laws drafted?
Yes, available on request.

Will the purchasers be responsible for furnishing the unit?
Yes. However, the development company is willing to offer furniture packages upon request.

Do you have any options for local financing with a bank in the Cayman Islands?
Cayman National Bank, Bank of Butterfield and First Caribbean are open to financing properties purchased by non full time residents.

Are there any taxes or fees incurred when purchasing property in the Cayman Islands?
Yes. 6% Stamp duty, reduced from 7.5% to boost the construction industry. If the property is being financed in Cayman, typical legal fees and closing costs are 2% to 3% of purchase price. The stamp duty reduction is only temporary and is due to increase in the future. No date for this increase has been set, but any purchase that is made before that date will benefit from the current 6% Stamp duty.

Are there any perceived problems with a non-resident purchasing this type of property?
No. Complete foreign ownership is permitted under Cayman Islands law. The Title is absolute and is not a lease or license of any type.

Does each unit have its own parking space?
There is one parking space per unit located directly under the building. Parking spaces will not be assigned per specific unit. In addition, more parking is available across the street where the garage units and fitness facility is located. There are secure storage/garage units available at an additional cost, which are individually owned by the respective buyer.

Have the developers done this kind of project before?
Yes. The principals involved in the development of Colliers Cay have over 36 years of combined experience in the development and construction business in Grand Cayman.

Are there onsite laundry facilities?
Each condo has its own washer and dryer.

What are the payment schedules / deposits?
5% fully refundable deposit to reserve a unit
10% upon completion of sales contract
10% of purchase price at ground breaking
20% Upon completion of 2nd floor slab
20% Upon completion of roof
20% Upon completion interior wall structures
15% Upon completion of the unit
The discounted pre-construction pricing is based on the listed deposit schedule, other schedules are negotiable

Will there be satellite television or cable available?
Yes.

Will there be Internet Service?
Yes. Through the local phone provider.

What if I want to rent my unit out while I am not using it?
There is a significant demand for rental properties on the "quiet" side of the island. There are several experienced companies which specialize in vacation rental. Additional information available upon request.

How are utility costs calculated and shared?
Each unit will have its own electricity, water and telephone account which will be billed individually. Common area utilities will be paid for out of the strata fees.

What is the current status of the real estate market in Cayman?
The market has steadily increased over the years with the greatest appreciation in oceanfront properties.

How much overall development is anticipated to occur in East End?
Compared to other islands, the population of Grand Cayman is low for its size as well as building density. The development of the outer districts, such as East End, is relatively limited. The interior of East End is zoned mostly as Agricultural, which limits property to a density of one dwelling per acre. Along the coast, it ranges from Low Density Residential, Beach Resort, and Hotel/Tourism. For more information on Planning and Zoning codes see: www.planning.gov.ky