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• Frequently Asked

Quick Guide to Reserving and Closing on a Lot

Day 1: Complete and Sign Real Estate Reservation Agreement and Pay Deposit

The Ocean Star Estates Real Estate Reservation Agreement can be printed from our website at www.oceanstarestates.com/forms.html. The deposit is US$5,000 per lot. There is no deposit if you are purchasing a lot using your self-directed IRA or self-directed IRA LLC.

Day 8: Deposit Processed

On or after the 8th day following the signature date on your reservation agreement, your credit card will be processed or your check deposited. There are no refunds on the deposit after this time.

Day 10: Credit Application Due if Owner Financing

If you are owner financing your lot purchase, your complete credit application is due no later than 10 days following the signature date on your reservation agreement. Your application will be processed within 7 business days. If approved, you will receive a mortgage note for review.

Day 30: Receive Closing Packet

You will receive your closing packet within 30 days following the signature date on your reservation agreement.

Day 45: Return Final Payment (or Down Payment if Owner Financing) and Signed Contracts

For cash sales, your full payment, closing costs (2.5% of the total purchase price), and signed sales contract are due no later than 45 days following the signature date on your reservation agreement.

If you are owner financing your lot purchase, then the non-financed portion of your payment, closing costs (2.5% of the total purchase price), signed mortgage note, and signed sales contract are due no later than 45 days following the signature date on your reservation agreement.

Payments made by credit card will incur an additional 4% transaction fee.

A penalty of 1 percent of the amount due (full payment or down payment) will be assessed for each 30 days the payment is late. We reserve the right to cancel your reservation, with no refund of the deposit, if said payment is late more than 90 days.

Day 75 Plus: First Mortgage Payment and Finance Fee Due

If you are owner financing, the first month's mortgage payment and any finance fee (5% of the amount being financed if the down payment is less than 40%) are due on the first day of the first month after the 75th day following the signature date on your reservation agreement. (For example, if the reservation agreement is signed on August 15, day 75 is November 8, and the first mortgage payment/finance fee is due December 1.) You will receive a payment coupon book by email.