Timeline overview
From accepted offer to completion, a typical Cayman property purchase takes 60-90 days. The process is relatively straightforward thanks to the Land Registry system, but KYC requirements add documentation time.
- Week 1-2: offer accepted, engage attorney, pay deposit (typically 10%).
- Week 2-4: attorney conducts title search, reviews property documents, KYC documentation gathered.
- Week 4-6: mortgage application processed (if financing), property inspection, insurance quotes.
- Week 6-10: legal review complete, mortgage approved, closing date set.
- Closing day: stamp duty paid, remaining funds transferred, title registered, keys handed over.
Choosing your attorney
Always use an independent attorney — not one recommended solely by the selling agent. Your attorney protects YOUR interests in the transaction.
- Choose a firm experienced in residential conveyancing.
- Budget 1-2% of purchase price for legal fees ($7,500-$20,000 on a typical purchase).
- Your attorney handles: title search, contract review, KYC compliance, stamp duty calculation, land registry filing.
- Ask for a fixed fee quote rather than hourly billing.
- Recommendation: medium or small local firms often provide better value and more personal service than large international firms for residential purchases.
KYC and source of funds
Anti-money laundering regulations require thorough documentation of who you are and where your money comes from. This is not optional.
- Required: passport, proof of address, source of funds documentation.
- Source of funds: bank statements showing the money trail, employment letters, tax returns, sale proceeds documentation.
- The more organized your documentation, the faster the process.
- Your attorney and the selling agent are both legally required to conduct KYC.
- International buyers: allow extra time for document verification across jurisdictions.
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