Terms and Conditions
We have highlighted the most Frequently Asked Questions within some clauses of the contract.
Don't see your question here?
Our sales team is always happy to chat!
Reach out at terence@easylot.ky or +1 (345) 936-2660.
Before reading
FAQ'S
This Sales Agreement has highlighted the most FAQ’s.
Deadline
You have three days to let us know if you want to continue
Terms and Conditions
- Definitions
- Interpretation
- Agreement to sell
- Deposit and Due Diligence
- Payment of the Balance
- Interest on the Balance and Default Interest
- Default By Buyer in payment of the Balance
- Fees And Expenses
- Prepayment
- Title
- Matters affecting the Property
- Seller’s Obligation to Obtain Title to the Plot
- Buyer’s Obligation to fill and clear the Plot
- Seller’s variations
- Works to the Development
- Development Roads and Development Deep Wells
- Delays beyond Seller’s control
- The Transfer
- Completion
- Completion Notice
- Delayed completion
- Insurance and risk
- Easements, etc for services
- Dealings
- Consequences of Termination
- Entire agreement
- Stamp Duty and Other Fees
- Real Estate Commission
- Governing Law and Jurisdiction
- Third parties
Explore our FAQs for answers to common questions
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How soon can I begin building on my lot?
Before construction starts on your Easy Lot property, obtaining a building permit is essential.
Permits: Building permits are required from the Cayman Islands Department of Planning. The application process typically takes between 6 and 18 months, depending on your project’s complexity. Once you own your land, you can initiate the permitting process.
What is the interest rate for Easy Lot's financing program?
Easy Lot offers a fixed interest rate of 9% for our Owner Financing Program. This translates to predictable monthly payments throughout your loan term.
What is the registered name of the development?
High Rock 67 – Block 67A, Parcel 44.
How do I make my deposit and monthly payments to Easy Lot?
Easy Lot accepts secure deposits and monthly payments only through online transfer to our CIBC First Caribbean International Bank account.
Beneficiary Account Name: High Rock 67 Ltd
Beneficiary Bank: CIBC First Caribbean International Bank Cayman Ltd
Beneficiary Account No: CHECKING Account: 10488412
Swift Code : FCIBKYKY
Currency: KYD (Cayman Dollars)
Bank Address: 25 Main St, George Town, Cayman Islands
Can I make extra payments towards my loan?
Absolutely! You can make additional payments towards your principal at any time. This can help you pay off your land faster.
Owner Financing Approval Time
What are the Fees & Expenses in the sales agreement and why do these pertain to me?
Is there a fee for paying off my land early?
Easy Lot offers a fixed-rate financing program for predictability. There is an early termination fee if you pay off your loan within the first 60 months. This fee is a 15% percentage of the remaining interest on your loan balance.
What is a fill notice and when do I need it?
A fill notice is a document informing us you’re ready to begin to fill your site as per planning regulations. You will request this from the developer at the appropriate time.
Can you explain what it means to fill and clear the plot as per the fill notice?
You are responsible per planning regulations for preparing your lot under the specified requirements. This will include filling and clearing your land. If you require more detail on this please refer to the planning website for more information.
Who is responsible for stamp duty on my land purchase?
In the Cayman Islands, the buyer is typically responsible for stamp duty on property purchases (if applicable). This payment is typically due after you pay off your land. However, there are exemptions available, such as for first-time Caymanian property buyers.
For more information, please visit: https://www.caymanlandinfo.ky/Services/VEO/Stamp-Duty
Can I make a larger down payment than the minimum required?
Absolutely! Easy Lot welcomes larger down payments. This will help you pay off your loan faster. The choice is yours!
Can I use my lot for storage, such as parking a container, boat, or other equipment?
No, our covenants do not allow for this.
Is there a minimum square footage requirement for building a home on my lot?
Easy Lot does have a minimum size requirement for homes built in High Rock Estates. The minimum home size is 1,200 square feet.
Are there Strata fees associated with High Rock Estates?
High Rock Estates is designed to be FREE of Strata FEES.
What type of zoning does High Rock Estates have?
High Rock Estates is zoned for low-density residential development.
Can I build a duplex on my Easy Lot property?
Easy Lot strives to provide accurate information, but building code details are best obtained from the Cayman Islands Department of Planning.
The zoning for High Rock Estates allows for low-density residential development, which may permit duplexes on lots exceeding 12,500 square feet according to the 2024 Development and Planning Regulations.
Do you offer Cayman Islands land for sale by owner directly, or are you an agent?
Yes! We offer Cayman Islands land for sale by owner directly. We are the developers (Easy Lot), so you save on commissions and get direct access to our Owner Financing program with no banks involved.
PARTIES
High Rock 67 Ltd of P.O. Box 2255, Grand Cayman, KY1-1107, Cayman Islands (hereinafter known as the (Seller)
OF THE ONE PART
[Your full name, address, phone number and email address] (hereinafter know as the (Purchaser)
OF THE OTHER PART
1. Definitions
In this Agreement, the following definitions apply:
- Actual Completion Date:the date on which the Transfer is actually completed.
- Approval: planning permission and any other approval, consent, permission or licence necessary to enable the Seller lawfully to convey clean title to the Buyer:
- Balance: the Price less the Deposit.
- Buyer’s Attorney: [Your attorney]
- Central Planning Authority: the Central Planning Authority of the Cayman
Islands. - Competent Authority any:(a) government department or other body exercising powers under statute; or
(b) utility service or supply company; - Completion Date:means:(a) the Plot is Ready for Occupation, and the Buyer has paid all sums due under this Agreement to the Seller, or;
(b) twenty working days from the date on which the Seller or the Seller’s Attorney serves a Completion Notice on the Buyer; - Completion Money: the Price:(a) less the Deposit and all further Principal payments;
(b) Any money payable pursuant to clause 13.3 - Completion Notice: the notice informing the Buyer that the Property is Ready for Occupation;
- Contract Rate: 9% per annum;
- Default Rate: 14% per annum;
- Deposit: [Your deposit]
- Dollars: Cayman Islands Dollars.
- Development: the land parcel known as Breakers, 55A 5 registered at the Land Registry of the Cayman Islands and shown edged red on the Development Plan to be sub-divided into individual Plots for sale as a single-family home residential development;
- Development Plan: the plan attached to this Agreement at Appendix 1;
- Development Roads: the proposed roads, verges and footpaths within the Development shown edged green on the Development Plan which are intended to become maintainable at the public expense or by the owners of the Plots;
- Fill Notice: A Notice is substantially the form as attached at Schedule 2.
- Land Register: means the land register relating to the registered title to the Plot to be created and held at the Land Registry.
- Land Registry: means the Cayman Islands Lands & Survey Department.
- Legislation: all legislation in force in the Cayman Islands at any time during the currency of this Agreement, including:(a) Acts of the Legislative Assembly;
(b) orders, regulations, consents, licenses, notices and bye laws made or granted:
under any Act of the Legislative Assembly; - Major Change: a variation made by the Seller after today to the boundaries of the Plot that materially affects the value of the Property or its use and enjoyment;
- Plot:(a) Plot on the Development shown edged blue on the Development Plan;
- Price: [The price of your lot]
- Ready for Occupation: arises when:(a) When the Development is accepted for subdivision and an individual parcel is created at the Land Registry, and; all Department of Planning requirements have been met;
- Restrictive Covenants and Easements: Such restrictive covenants and easements as
the Developer deems reasonably necessary at his absolute discretion in order to ensure
(1) that each Plot within the Development has the right to pass and repass over the Development Roads including the obligation to pay a proportionate share of the maintenance of the Development Roads if necessary, and
(2) restrictive covenants to ensure that the each Plot within the Development is used as a single family residence and all buildings and use of the Plot are consistent with the Development being a residential development of well-constructed homes. - Term Length: Loan term length in months.
- Termination: the end of this Agreement, however it occurs;
- Transfer: the transfer of the Property;
2. Interpretation
- In this Agreement:
- the table of contents and the headings to any clause or schedule are for reference only and do not affect its construction;
- unless stated otherwise, a reference to a clause or schedule number is to the relevant numbered clause or schedule in this Agreement;
- general words introduced by the word ‘other’ do not have a restrictive meaning by reason of being preceded by words indicating a particular class of acts, things or matters;
- the words:
(a) ’in particular’, include’, ‘includes’ and ‘including’ are deemed to be followed by the words ‘without limitation’; (b) ‘liability’ and ‘liable’ include all claims, demands, proceedings, damages, costs and expenses and loss incurred or suffered by the relevant party; (c) ‘notice’, ‘notify’, ‘nominate’ or ‘request’ (and any expression which is cognate with any of them) require the notice, notification, nomination or request to be in writing;
- an obligation:
(a) to do something includes an obligation to procure that it is done; (b) not to do something includes an obligation not to cause or allow it to be done; (c) owed by or to more than one person is owed by or to them jointly and severally;
- unless stated otherwise, a reference to:
(a) a named or numbered Plan is to the Plan bearing that name or number; (b) particular Legislation is a reference to:(i) that Legislation as amended, consolidated or re-enacted from time to time; (ii) all subordinate legislation made under it from time to time;(c) ‘today’ is to the date of this Agreement; (d) ‘Buyer’ does not include the Buyer’s successors in title;
- any gender includes every gender;
- the singular includes the plural, and vice versa;
- ‘person’ includes a corporate or unincorporated body.
- If the Buyer does not have a solicitor, any reference in this Agreement to ‘Buyer’s Solicitors’ means the Buyer.
3. Agreement to sell
The Seller will sell, and the Buyer will buy:
- the Plot with vacant possession for the Price;
4. Deposit and Due Diligence
- The Buyer must provide such documents as the Seller requires at its absolute discretion in order to comply with its obligations under Anti-Money Laundering Regulations on or before the date of the payment of the Deposit.
- The Buyer must pay the Deposit to the Seller:
- today; and
- by Electronic Funds transfer to the account nominated below (or by any other means which the Seller may agree) ❓ FAQ
Beneficiary Account Name: High Rock 67 Ltd
Beneficiary Bank: CIBC First Caribbean International Bank Cayman Ltd
Beneficiary Account No.: 10488412
Swift Code: FCIBKYKY
Currency: KYD (Cayman Dollars)
- The Deposit is held by the Seller:
- as stakeholder pending Completion and the Buyer acknowledges that the Deposit and all sums paid pending Completion are not held in trust and can be used by the Seller in the ordinary course of business.
5. Payment of the Balance
- The Buyer must pay the Balance to the Seller; the balance of Purchase price less the Initial Deposit (“the balance”) shall be paid in equal monthly instalments over 365 days commencing on the 1st day of the month after the execution of this agreement until the Purchase Price is paid in full. The further sum of[Lot price less the initial deposit]
representing the entire balance of the said total purchase price for the Property will be payable in manner hereinafter set out by equal monthly payments of
[Your monthly payment]
representing principal and interest payments,- By Electronic Funds transfer to the account nominated in clause 4.2.2.
- The Purchaser may make additional principal payments at any time to the Vendor. Such payments will be applied to the principal balance when the total of installments are greater than or equal to CI$1,000.00
❓FAQ - Loan term length [Your loan term length]
6. Interest on the Balance and Default Interest
- The Balance shall be subject to the payment of interest at the Contract Rate in accordance with the amortization table at Appendix 3.
- Interest on the Balance and any Default Interest shall accrue daily on the basis of a 365–day year and for the actual number of days elapsed. Time shall be of the essence in respect of the Purchaser’s obligations under or in respect of this Clause.
- If the Buyer fails to make any payment due under this Agreement on its due date, interest on the unpaid amount shall accrue daily, from the date of non-payment to the date of actual payment (both before and after judgment) at the Default Rate and the Buyer undertakes to pay any such interest to the Seller immediately on demand by the Seller.
- All payments shall be made in Dollars. Should any payments be made in United States Dollars they will be converted at a multiplier of 0.80.
7. Default By Buyer in payment of the Balance
- At any time after the date fixed hereunder for any payment pursuant to Clauses 5 and 6, the Seller or the Sellers Attorneys shall be entitled to serve written notice on the Buyer or the Buyers Attorneys of the default by the Buyer in payment and requiring the Buyer to make such payment within seven (7) days after the date of service of such notice, and in the event that the Buyer shall fail to make payment within the said seven (7) days after the date of the Seller may terminate this agreement, keeping absolutely as liquidated damages the following sums:
- The Deposit, up to a sum equaling 20% of the purchase price;
- All payments attributed as interest pursuant to Clause 6;
- All reasonable sums incurred by the Vendor as a result of the default of the Purchaser including legal fees;
- Upon exercising the right set out at 7.1 and after forfeiting the sums set out therein, the Seller shall within 14 days repay to the Buyer the balance of the sums paid without interest and, thereupon, this Agreement shall forthwith be terminated and neither party shall have any further rights of action or claim of any nature against the other in respect hereof, or commence legal proceedings against the Buyer for the amount in default, in which event this Agreement shall continue in full force and effect;
8. Fees And Expenses
- The Purchaser shall pay to the Vendor the following all costs, fees and expenses (including, but not limited to, legal fees thereon) incurred by the Purchaser in connection with preserving or enforcing or attempting to preserve or enforce any of the Vendor’s rights under this Agreement.
9. Prepayment
❓ FAQ
- Subject to clauses 8.3 and 8.4, the Buyer may prepay the whole or a part of the balance of the Purchase Price early upon giving to the Seller 14 days’ notice in writing (a “Prepayment Notice”) to the Seller of its intention to do so.
- The Prepayment Notice must specify the intended date of the prepayment, the amount of the prepayment and the intended date of the prepayment must be an Interest Payment Date.
- No Prepayment notice can be served for 30 months from the date of payment of the Initial Deposit.
- If the entire prepayment balance is made within 60 months prior to execution of this sales agreement, the Buyer must pay a prepayment fee (“Prepayment Fee”) equal to 15% (fifteen per cent) of the total interest remaining to be paid on the balance as calculated in the Amortization Table at Appendix 3. ❓ FAQ
10. Title
- The title to the Plot will be provided at closing and will be created from a sub-division of the Development.
- The Buyer may only raise requisitions in relation to any entries in the official copies of the register of title to the Development once the title is created and if they would have a materially adverse impact on the intended beneficial use and enjoyment of the Plot following Completion. The Buyer acknowledges that entries relating to the following do not have such an impact:
- financial charges securing the repayment of monies due from the Seller to be released at closing;
- planning restrictions in respect of the Development.
11. Matters affecting the Property
- The Property is sold subject to and where applicable with the benefit and/or burden of:
- the Transfer;
- any matter arising by virtue of any Legislation;
- the Restrictive Covenants and Easements to be registered at Completion.
- Any(a) public or private right of way, water, light, air, support, sewerage, drainage;
(b) wayleave, pipe, cable, wire or pole; (whether or not apparent from inspection).
12. Sellers Obligation to Obtain Title to the Plot
- The Seller must use reasonable endeavours to:
- Apply for permission for a sub-division from the Central Planning Authority
- Comply with all conditions of the planning permission except for any condition requiring the clearing and filling of the Plot which is dealt with in accordance with Clause 13.
- Obtain a Land Register from the Land Registry for the Plot.
- keep the Buyer informed of the progress of the Seller’s efforts
13. Buyer’s Obligation to fill and clear the Plot
❓ FAQ
- the Buyer acknowledges;
- that they have inspected the Plot and that it is being sold uncleared and unfilled.
- Planning permission from the Central Planning Authority will contain a condition precedent for the release of restrictions on the title to the Plot, that the Plot is filled and/or graded to a level that will assist in the drainage of the Development as per a stormwater management plan as prepared by the National Roads Authority.
- Upon the Seller providing the Buyer with a Fill Notice, the Buyer must; ❓ FAQ
- Within 3 months fill and/or grade the Plot to a level that complies with the Fill
Notice. - Once complete, give the Seller notice that it has complied.
- Within 3 months fill and/or grade the Plot to a level that complies with the Fill
- If the Seller fails to comply with the Fill Notice:
- the Buyer irrevocably appoints the Seller as his agent for the purposes of complying with the Fill Notice.
- The Buyer agrees to pay to the Seller all costs incurred by the Seller in performing all acts necessary to comply with the Fill Notice and agrees that the costs shall be paid at closing.
14. Seller’s variations
- The Seller may vary the size or the boundaries of the Plot if the variation is:
- required by a Competent Authority; or
- necessary:
(a) in the Seller’s opinion (acting reasonably) to obtain or comply with any planning permission; or (b) having regard to:(i) the cost or availability of materials or labour; or (ii) any other circumstances that it is not reasonable for the Seller to have foreseen at the time of execution of this Agreement; but must not do so without the Buyer’s consent (which is not to be unreasonably withheld or delayed) if the variation constitutes a Major Change.
- If the Seller notifies the Buyer of a Major Change:
- the Buyer may terminate this Agreement if, within 15 working days after service of the Seller’s notification (the ‘Rejection Period’), the Buyer (acting reasonably) notifies the Seller that the Major Change is unacceptable to the Buyer (a ‘Termination Notice’); but
- the Buyer is deemed to have consented to that Major Change if the Buyer does not respond to the Seller’s notification within the Rejection Period.
- A Termination Notice takes effect, and this Agreement terminates, on the date on which it is received by the Seller (the ‘Termination Date’).
- Within 20 working days after the Termination Date, the Seller must repay to the Buyer:
- the Deposit together with accrued interest.
15. Works to the Development
- If the Seller considers it necessary, the Seller may vary the specification, size or design of the Development provided that the variation does not substantially:
- reduce the area or value of the Property;
- alter the provision of amenities within the Property or the Development.
- The Seller must use reasonable endeavours to complete construction of the Development for the beneficial use and occupation of the Property notwithstanding that the Actual Completion Date may occur prior to completion of construction of the Development.
- The Buyer:
- acknowledges that:
(a) completion of the sale and purchase of the Property may take place before the Seller has completed the remainder of the Development; (b) the Seller may complete any outstanding works to the Development notwithstanding any inconvenience or annoyance caused as a result (but the Seller must use reasonable endeavours to cause as little inconvenience and annoyance as is reasonably practical in the circumstances); and
- has no claim in relation to loss of amenity, noise, nuisance or diminution of value arising out of the Seller completing those outstanding works.
- acknowledges that:
- The Seller undertakes as a continuing obligation that if on the Actual Completion Date there are any outstanding requirements of the Central Planning Authority in relation to the Development arising out of planning matters contained in:
- any planning permission or related planning agreement; the Seller must at its own expense comply with those requirements as soon as reasonably practicable after that date.
- The Development Plan represents the intention of the Seller as to the development of the Development of which the Property forms part, but:
- the Seller is not bound or restricted by:
(a) the layout or actual dimensions of the Development shown on the Development Plan; or (b) the use of any land adjoining the Property or the Development; and
- no variation in:
(a) the layout or actual dimensions of the Development from the Development Plan; or (b) the development of the Development. entitles the Buyer to any remedy against the Seller.
- the Seller is not bound or restricted by:
16. Development Roads and Development Deep Wells
The Seller must use reasonable endeavours to:
- construct the Development Roads and the Development Deep Wells serving the Property in a good and workmanlike manner and with proper materials to adoptable standards; and
- following their construction:
- request that the relevant Competent Authority adopt them as maintainable at
the public expense; and - maintain them pending adoption
- request that the relevant Competent Authority adopt them as maintainable at
17. Delays beyond Seller’s control
The Seller must carry out the Seller’s Works to the Development as quickly as possible but the Seller is not liable to the Buyer for any loss or inconvenience arising out of delay which is attributable to:
- strikes, lockouts, combinations and scarcity of labour;
- shortage of, or delay in obtaining, materials;
- hostilities, terrorism and acts of the Sovereign’s enemies;
- force majeure, fire, explosion, flood, lightning or bad weather;
- procedures required for obtaining any Approval;
- compliance with Legislation;
- accidents during the development of the Development for which the Seller is not responsible;
- other causes beyond the control of the Seller.
18. The Transfer
- Subject to clause 24, the Seller is not required to transfer the Property otherwise than as a whole and to the Buyer in the form of the Transfer and at the Price.
- The Seller’s Attorney must:
- prepare the Transfer in original and counterpart and the Buyer must pay
$1,000 as a contribution towards their costs of preparing it; and
- prepare the Transfer in original and counterpart and the Buyer must pay
19. Completion
- Completion must take place on the Completion Date.
- The Seller must serve the Completion Notice on the Buyer, and at the same time supply a copy to the Buyer’s Attorney as soon as the Property is Ready for Occupation.
- At least 5 working days before the Completion Date, the Seller’s Attorney must supply the Buyer’s Attorney with:
- a statement detailing the Completion Money due on completion
20. Completion Notice
- If the sale shall not be completed on the Completion Date, either party, being then himself ready able and willing to complete, may serve on the other party, within fifteen (15) days, notice to complete the transaction in accordance with this condition. A party shall be deemed to be ready, able and willing to complete if he could do so but for some default or omission of the other party.
- Upon service of a Completion Notice, it shall become a term of this Agreement that the transaction shall be completed within seven (7) days of the date of service, and, in respect of such period, time shall be of the essence.
- If the Buyer does not comply with a Completion Notice:
- the Buyer shall return forthwith all documents delivered to him by the Seller and, at his own expense, procure the cancellation of any entry relating to the Agreement in the Land Register; and
- without prejudice to any other rights or remedies available to him, the Seller may:
(a) retain the Deposit together with all other monies paid; and (b) re-sell the Plot.
- If the Seller does not comply with a Completion Notice, the Buyer, without prejudice to any other rights or remedies available to him, may give notice to the Seller forthwith to repay to the Buyer any sums paid by way of Deposit or otherwise under this Agreement and interest on such sums, at the Default Rate, from four (4) working days after the date of service of the notice until payment. The Buyer shall not be entitled to specific performance of this Agreement but shall forthwith return all documents delivered to him by the Seller and, at the expense of the Seller, procure the cancellation of any entry relating to this Agreement in the Land Register.
21. Delayed completion
The Buyer must pay the Seller’s costs (including legal costs on an indemnity basis) incurred after the Completion Date in enforcing or completing this Agreement, including the preparation and service of a notice to complete.
22. Insurance and risk
- The Plot is at the sole risk of the Seller until the Actual Completion Date.
23. Easements, etc for services
If the Seller needs to enter into any easement, covenant or other right in relation to the Property in favour of any Competent Authority in connection with services to be provided for the benefit of the Development, the Buyer must, at the Seller’s cost, enter into any document that the Seller requires. This obligation:
- applies at any time (whether before or after the Actual Completion Date);
- does not merge on completion.
24. Dealings
The Buyer must not assign, underlet, charge or otherwise deal with the benefit of this Agreement.
25. Consequences of Termination
- Termination is without prejudice to the rights of either party against the other in respect
of any prior breach of it. - Following Termination, the Buyer must forthwith (at its own expense) remove any notice or entry made in relation to this Agreement at the Land Registry.
26. Entire agreement
- This Agreement (including any document, attached to it, incorporated into it or entered into pursuant to it) contains the entire agreement between the parties for the sale and purchase of the Property.
- Except for written replies given by the Seller’s Attorneys to pre-contract enquiries raised by the Buyer’s Attorneys, the Buyer:
- has not relied on any statement or representation made by or on behalf of the Seller in deciding to enter into this Agreement; and
- has no remedy in respect of those matters.
Nothing in this clause 26.2 excludes liability for fraud.
27. Stamp Duty and Other Fees
❓ FAQ
- The Buyer shall be responsible for and shall pay all stamp duty, registration, search and other fees arising as a result of this Agreement. Each party shall be responsible for their own legal fees subject to 18.2.1
- The Buyer acknowledges that they have been advised that Stamp Duty will be assessed at the time of Completion and the Seller makes no representation as to the amount of Stamp Duty that will be payable at that time.
28. Real Estate Commission
- The parties represent and warrant to each other that there are no real estate brokers, estate agents or other agents entitled to any commission arising out of the sale or transfer of the Property contemplated by this Agreement.
29. Governing Law and Jurisdiction
- This Agreement and any dispute or claim arising out of or in connection with it, its subject matter or its formation (including any non-contractual dispute or claim) is governed by, and must be construed in accordance with, the laws of the Cayman Islands.
- The courts of the Cayman Islands have exclusive jurisdiction to settle any dispute or claim arising out of, or in connection with, this Agreement, its subject matter or its formation (including non-contractual disputes or claims).
30. Third parties
Unless stated otherwise, nothing in this Agreement confers any rights on any person under Contracts (Rights of Third Parties) Act 2014.