Support for Form RL 4: Transfer by Chargee in Exercise of Power of Sale

 

Form Required Forms

RL 4 Transfer by Chargee in
Exerciser of Power of Sale

(PDF, 90 Kb, 2 pages)

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

Use this form for:

The Transfer of property by the Chargor using powers documented within a typical Charge agreement when a Chargee defaults on the agreement.  Typically, when a property owner fails to keep up with mortgage repayments, the lender will commence repossession proceedings, the last step of which is the sale of the property (to recover the funds advanced), for this this form is used. 

This is a specialist document, which can only in conjunction with a Court Order


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
  • Copy of Court Order which orders the sale by Chargee
  • Copy of Certificate of Good Standing (companies only)
  • Permission to hold property from Minister of Finance (exempt companies only)
  • Certified Copies for Caymanian Stamp Duty Concession
  • Waiver letter from Minister of Finance (if applicable)
  • Chattels List (if deduction for Chattels made)
  • Land Certificate (if issued)

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)
Ad-Valorem Duty based on consideration or Market Value, whichever is higher


Forms (Mandatory)

The 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 RL form ensure that:

  • 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