Reform of the Strata Titles Registration Law (2005 Revision)

The Law Reform Commission has agreed, pursuant to a request by Cayman Islands Real Estate Brokers Association (CIREBA}, to extend the period of consultation on the strata titles reform to 12th April, 2013.

Comments on the Bill and discussion paper should be submitted in writing and delivered to the Director of the Law Reform Commission at 1st Floor dms House, Genesis Close or sent by e-mail to [email protected].

Strata Corporation as of 11^th March 2013

On purchase of a condominium apartment, the owner becomes a member of the general owners association, known as the Strata Corporation, normally run by an executive committee of several owners elected by the general membership at the AGM (annual general meeting).

Many condominium developments also have resident salaried managers employed by the Strata Corporation.

Periodic payment of Strata Corporation dues covers maintenance of common areas, building insurance and other expenses.

All types of real estate, including condominium apartments, may be leased on a long- or short-term basis. Any lease for a period of over two years is required to be registered at the Land Registry.