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Non-SDIRA Cash Closing Guide

This guide is for buyers who are paying for their lot in full with cash (not to include buyers who are using their self-directed IRA or buyers who are being owner financed). You will be mailed a closing packet that includes the following:

• Two original copies of the sales contract.
• Federal Express pre-paid return envelope.

You will need to return the following to us:

• Two signed, original copies of the sales contract.

• Final payment and closing costs (2.5% of the purchase price), in U.S. dollars, by personal check, cashier's check, or money order, payable to Ocean Star Estates, LLC; or by credit card (MasterCard, Visa, American Express or Discover). Payments made by credit card will incur an additional 4% transaction fee. (Note: the 3% property transfer tax fee will be paid by buyer once the title transfer process is initiated.)

Important Note: The sales contract was drafted by our Dominican Republic attorney. Please be advised that this is the only contract Ocean Star Estates, LLC will sign with respect to lot sales. The contract terms are not negotiable. The contract in your closing packet will be one of the following:

• Real Estate Option to Purchase Agreement: If closing occurs during the time period that the property is going through the deslinde procedure and title to the lot remains to be issued by the Puerto Plata Title Registry in the seller's name (visit Deslinde for more details), then the buyer and seller will sign this contract. This contract will be in English, and signatures by buyer and seller must be notarized. Once the title to the lot has been issued in the seller's name, then the buyer and seller will sign the Real Estate Purchase and Sale Agreement (see next bulleted item) and title transfer to the buyer can proceed.
   
• Real Estate Purchase and Sale Agreement: If closing occurs after the property has gone through the deslinde procedure and title to the lot has been issued by the Puerto Plata Title Registry in the seller's name (visit Deslinde for more details), then the buyer and seller will sign this contract. This contract will be in Spanish (an English translation by the Dominican Republic law firm that prepared the contract will be provided), and notarized signatures by buyer and seller must be legalized by a Dominican Republic consulate or, after July 2009 when apostilles become effective in the Dominican Republic, have an apostille. This contract is submitted to the Puerto Plata Title Registry for title transfer to the buyer.
  
  All of the following conditions must be met before this final contract can be signed: (1) if buyer is titling the lot in the name of one or more individuals, all individuals must have a current passport; (2) if buyer is titling the lot in the name of a non-Dominican Republic business, the business must have been registered and an RNC issued, and the business representative must have a current passport; and (3) if buyer is titling the lot in the name of a Dominican Republic business, the business must be formed and an RNC issued, and the business representative must have a current passport.

Once all of the conditions above have been met and a final contract signed, the contract can be submitted to the Puerto Plata Title Registry for title to be issued.