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Multiple Listing Service
How the Multiple Listing Service (MLS) of the Cayman Islands Real Estate Brokers Association (C.I.R.E.B.A) Works for You
In the Cayman Islands, when you are purchasing a property, you will have the support of The Cayman Islands Real Estate Brokers Association (C.I.R.E.B.A.), comprised of 32 professional Real Estate companies. CIREBA is a non-profit organization to assist you through the entire process. CIREBA has created and maintains a comprehensive list of all member companies who are licensed to sell real estate in the Cayman Islands. CIREBA also maintains the Multiple Listing Service (MLS), a comprehensive listing of all properties currently available for sale on Grand Cayman, Little Cayman and Cayman Brac.
There is no need to contact multiple real estate companies or agents as they all work from the same MLS listing service. This convenience saves you valuable time when searching for the right property and this service is free to you as a potential purchaser. You will pay no fees to the real estate agent or agency.
Every agent has access to the entire inventory of properties in the MLS and can show any listed property regardless of which company has it listed. The Caymanian Government and the MLS service makes buying property simple and straight forward. There are no restrictions on foreign ownership of a single property. There are no income, capital gains or property taxes. When making an offer on a property, it is always made in written form and usually with the CIREBA standard Offer to Purchase form.
In many other parts of the world, a buyer may be required to go to agents of multiple real estate companies as properties can be exclusively listed with different real estate companies or may be listed privately with owners. This process can be extremely frustrating and time consuming. CIREBA with the MLS have made your property or home purchase in the Cayman Islands easy and convenient for you.
CIREBA publishes a bi-annual magazine and new property portal, (https://www.cireba.com) where buyers can find the most current MLS property listings for sale in the Cayman Islands.
The MLS is generally restricted to its licensed real estate members. The general public can only gain access to a limited database listing via a portal which regulates content approved by CIREBA. The MLS also contains information about properties that have been sold. When real estate agents have a potential property to sell, they complete a Comparable Market Analysis (CMA) for that property to determine a fair market value in determining the listing price.
CIREBA members have an ethical commitment in putting their client’s interests first. You can be assured of an agent’s integrity and credibility when working with a CIREBA member. Members of CIREBA must follow a strict code of business standards as determined by CIREBA’s Rules and Regulations. They monitor agents’ professionalism and knowledge of the market to ensure honest, fair and professional customer interactions in real estate transactions. CIREBA members are required to attend regular information and training courses to ensure that they are current with any new regulations and latest statutory AML(anti-money laundering) regulations.
When selling your property, the registered owner will be required to sign a standard CIREBA listing agreement which will ensure that the property will be listed on the MLS for a period of 12 months with an optional 6 month renewal. Real estate commission rates are set on a sliding scale dependent upon the property listing price. Commission rates are set by the CIREBA and members are not allowed to adjust these rates at the time of listing a property. The principal is the property vendor who pays all the real estate fees for both buyer and seller’s agents.
An ERA agent, as a member of CIREBA, is looking forward to helping you to find the perfect property or home.
