When making the decision to purchase property in the Cayman Islands, multiple-unit, individually owned complexes or condominiums are definitely an option. In Cayman, these units are known as "strata" units. If individuals purchase a property which is part of a strata plan, they will have title to the house or apartment on the property in the plan. Individual unit owners hold title to their units in the same way as the owner of any other parcel of land, and the Land Register maintains the same type of records for these strata units. Owners will also retain a share of the strata corporation which owns all the common property including roads, gardens, pool, gyms, tennis courts, etc.
All strata corporations have "by-laws" which govern the activities of strata owners. These by-laws are upheld by a committee which is elected annually to govern and run the corporation. It is important to understand the strata by-laws as they can restrict individual owner's activities such as boat docking or pet ownership.
The strata corporation provides insurance for the strata property and has the responsibility to maintain it for all shareholders. All costs associated with maintenance and insurance are also the responsibility of individuals in the strata corporation. It is important to understand how much extra you can expect to pay the corporation for these monthly strata fees.
Your Cayman Islands Realtor can assist you in these matters and answer any questions you may have regarding strata ownership.
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