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Support for Form RL 2: Transfer of Lease

 

Form Required Forms

RL 2 Transfer of Lease
(PDF, 40 Kb, 2 pages)

Document Submission Log
(PDF, 184 Kb, 2 pages)

Form Useful Forms

Declaration on Conveyance
of Previous Agreement
(PDF, 74 Kb, 1 page)

Use this form:

When you are transferring leasehold title of a parcel of land (or Strata Unit) to another person including:

  • Third Parties
  • Family Members
  • Companies
  • Trustees
  • Transfers where there is no change in beneficial ownership (ie. from an individual to a wholly owned company)

Submission Requirements

In submitting this form you should enclose the following (where applicable):

  • Completed submission record, ensuring checklist to the rear of the form is completed
  • The consent of the Chargor to the Transfer (if there is a Charge / Mortgage over the Lease)
  • The consent of the Landlord / Head Lessee to a the Transfer (if required in Lease)
  • Copy of Certificate of Good Standing (companies only)
  • Permission to hold property from Minister of Finance (exempt companies only)
  • Removal of any Restrictions or Cautions (if required)
  • Certified Copies for Caymanian Stamp Duty Concession
  • Waiver letter from Minister of Finance (if applicable)
  • Chattels List (if deduction for Chattels made)
  • Purchase Agreement or Receipt (if ad-valorem Stamp Duty paid on Purchase Agreement)
  • Copy of birth/marriage certificates for related parties (if Transfer is for Natural Love & Affection)
  • Lease Certificate (if issued)
  • Copy of Purchase Agreement, or Declaration that no Purchase Agreement exists

Once signed the Form should be submitted to the Lands & Survey Department within 45 days of first signature, unless signed outside of the Cayman Islands , to avoid the accrual of late submission penalties.


Fees

 

Type Registration Stamp Duty
Standard Transaction CI $50
(US $60.97)

It is assumed that possession of the property is being granted upon execution.  If this is not the case, please refer to the Stamp Duty Law.

Ad Valorem Duty as applied to a Conveyance, based on the Consideration or Market Value of the property, whichever is higher

Transfer for Natural Love and Affection CI $50
(US $60.97)
CI $50
(US $60.97)

Forms (Mandatory)

RL Form must be completed in Duplex format. If you do not have a Duplex Printer, print page 1, reinsert the page to the paper tray, and print page 2.

When completing the form ensure that:

  • Triplicate (three) copies are prepared (all three copies must be submitted)
  • Full names are stated (or as recorded on the existing Register), with signatures witnessed by a Justice of the Peace, Notary Public or member of authorised Land Registry staff, and correctly dated. Notary Public’s whose commissions do not expire must state so on the Registration Form
  • Full address is stated for the Purchaser, including postal / zip code
  • Amendments are initialed by all parties. The use of correction fluid is not permitted
  • The Lease Number is indicated.  This will take the form '/1' or similar eg. 14BH 159/123

Information on Specific Transaction Types

    Natural Love and Affection
  • For a transaction to be effected by Natural Love and Affection, no consideration (financial or otherwise) must pass
  • Property may pass for natural love and affection between:
    • Father or Mother to Daughter or Son
    • Brother and Sister, providing that they have the same parent
    • Grandfather or Grandmother, and Grandson or Granddaughter
  • Property may pass between extended family members in a single transaction providing that evidence of the relationship chain can be shown. The Stamp Duty fee shall apply separately to each ‘link’ in the relationship chain. i.e., a Transfer from Uncle to Niece would be considered as Uncle – Mother (CI $50), Mother – Daughter (CI $50). No further Registration Fees would be applied.