Property Valuations & Appraisals
When applying for a mortgage the current bank policy is to request that property valuations be undertaken by a chartered valuation surveyor, or other appropriately qualified valuation professional.
In the Cayman Islands it is usually the purchaser, not the seller, who has to undertake the step of getting a property valued or appraised. A property valuation acceptable to local banks should be prepared to the internationally recognised standards of the Royal Institution of Chartered Surveyors (RICS Valuation Standards). The valuation report will give a general description of the property, describe any improvements to the house or the garden, pool, fencing, etc. (and work out their value to the property). It will take into account the location, give formal title details, include maps and photographs and provide invaluable background checks on the recent property sales in the area. It should also make particular reference to any encumbrances or leasehold interests on the property and should set out the valuation methodology used by the valuer.
In addition to providing the bank with the information that the lender requires for financing purposes, a professionally prepared valuation report should also provide the purchaser with the reassurance that they are paying the fair market value for the property and that there are also no obvious defects to the property.
Below is a list of the top valuation companies operating in the Cayman Islands. They all use RICS valuation standards:
JEC Property Consultants Ltd
Established over 30 years ago, JEC is one of Cayman's leading property consultancy firms providing a wide range of property related services