The Cayman Islands Real Estate Brokers Association (CIREBA) is a non-profit Association established in 1987 to provide a professional network for the different real estate companies in the Cayman Islands. Today it provides the Multiple Listing System (MLS) and acts as a central source of information for its Members, including the publication of a bi-anual magazine and the new property portal www.cireba.com where buyers can find the most comprehensive and upto date list of all the properties for sale on Cayman's only MLS.
To be a member of CIREBA, agents and brokers must follow the Association's code of business standards as set out in CIREBA's Rules and Regulations. A high level of professionalism and competence is expected from all Members and they must adhere to the Code of Ethics set down by the Association. CIREBA is effective in monitoring the business standards and practices of all its Members to ensure fair, honest and professional dealings in all real estate transactions.
CIREBA conducts regular training courses for its Members to ensure continual professional development and to ensure agents and brokers are kept up-to-date with current business practices, the latest statutory AML (Anti-Money Laundering) regulations and all requirements of Cayman's real estate industry. Qualification through course attendance and examination is now part of the mandatory requirements for all CIREBA Members.
Whether you are buying property in Cayman, or selling Cayman Islands real estate dealing with a CIREBA Member is your assurance of doing business with a trained Cayman Islands property professional who at all times will be guided by the high standards set by CIREBA.
Real estate commission rates for CIREBA member companies, are set by the association for all member to adhere to, and as part of the CIREBA code of ethics, member companies are not allowed to adjust these set rates at the time of listing a property. The real estate commission is set on a sliding scale, which is dependent on the list price of the property and is set out below applying to sales made in both Cayman Islands dollars and United States dollars. For more details email firstname.lastname@example.org
Listing your property in Cayman, whether it be a house, condo, plot of land or business with a CIREBA member, will require the vendor (registered owner) to sign a standard CIREBA listing agreement which will then ensure that the listing details and particulars for the sale of your property are circulated throughout the Multiple Listing System (MLS) powered by CIREBA. The initial period for listing a property within CIREBA is twelve months with an option to renew in six month increments thereafter. In Cayman the real estate commission fees are usually and are paid as first disbursement of funds at closing, and if the sellers/purchasers real estate agent is different to the listing agent and is also a member of CIREBA the real estate fees will be split equally between the two agents. email@example.com
Under the terms and conditions of the CIREBA listing agreement, the principal is the property vendor who pays the real estate fees for both the buyer and seller's agents. A CIREBA agent therefore has fiduciary responsibility to the vendor, notwithstanding a purchaser is an agents customer to whom that CIREBA agent owes honest and trustworthy treatment. To find out more about the CIREBA standard listing agreement and commission rates email.
When an offer to purchase a property is made in the Cayman Islands it is always done in written form and most commonly using the standard CIREBA Offer to Purchase document.