Closing
Process
The
information
that
follows
describes
the
process
for
closing
on your
reserved
lot.
Reservation
Processed
Your
reservation
will be
processed
on or
after
the 4th
business
day
following
your
signature
on the
Real
Estate
Reservation
Agreement
form.
Once
processing
has
occurred,
you will
be
mailed a
closing
packet
by
overnight
Federal
Express.
Applicable
Real
Estate
Law
Real
estate
transactions
in the
Dominican
Republic
are
governed
by
Property
Registry
Law No.
108-05
and its
regulations.
There
are no
restrictions
on
foreigners
purchasing
real
property
in this
country.
Ownership
of
property
is
documented
by a
certificate
of title
issued
by Title
Registry
Offices.
Title to
the
Ocean
Star
Estates property
is in
the name
of Inversiones
Dimerca,
S.A.,
the
Dominican
Republic
company
formed
by Ocean
Star
Estates,
LLC to
buy and
sell
real
estate
for it. Inversiones
Dimerca
is
represented
by Bryan
Rundell.
A copy
of the
certificate
of title
for the
property
is
available
by
clicking
here:
parcel
912
and
parcel
985.
Titling
Your
Property
Individual
Title
can be
under
the name
of an
individual,
or
individuals
(e.g., a
married
couple).
If
you wish
to have
the lot
titled
under
the name
of a
business,
we
recommend
that you
first
title it
in the
name of
an
individual
or
individuals,
and then
later
transfer
title to
a
foreign
business
once it
has been
registered
by the
Dominican
Republic,
or to a
Dominican
Republic
business
once it
has been
formed.
Proceeding
this way
will
ensure
that you
receive
title
much
quicker.
It
typically
takes
two to
three
months
to have
a
business
registered
by the
Dominican
Republic,
and
three to
four
months
to form
a
Dominican
Republic
business.
Non-Dominican
Republic
Business
All
foreign
businesses
must be
registered/naturalized
by the
Dominican
Republic
in order
to
operate
in that
country.
This
includes
self-directed
IRA LLCs.
The
process
typically
takes
two to
three
months
and
involves
the
following
general
steps:
1.
Buyer
will
mail the
following
to the
Dominican
Republic
Consulate
General
in
Chicago,
Illinois:
-
Cover
letter
(click
here
for an
example)
-
Original
articles
of
incorporation
(plus any
amendments) and a
copy
of the
operating
agreement
or
by-laws
for
the
business
being
registered
-
stapled
together!
If you
do not
staple
the documents
together,
you
will
be
charged
a
separate
fee
for
each.
-
Cashier’s
check, money
order
or
business
check
(no
personal
checks)
for
$80
per
document
payable
to the
Dominican
Republic
Consulate
General.
- Federal Express envelope with pre-paid international airway bill, for legalized document(s) to be forwarded from the Consulate General to our attorney Carmen Jaquez in the Dominican Republic. Her address is:
Carmen
Jaquez
Carretera
Don
Pedro,
No. 73
Residencial
Las
Dianas
Santiago,
Republica
Dominicana
phone:
809-963-3677
You may contact Ocean Star Estates for our Federal Express number, so that you can select "third party" on the airway bill.
Be
sure
to
write
down
your
tracking
number,
so
you
can
track
the
package's
delivery.
The
Consulate
General's
address
is:
Dominican
Republic
Consulate
General
8700 W.
Bryn
Mawr
Suite
800
South
Chicago,
IL 60631
phone
number:
773-714-4924
The
Consulate
will
legalize
the
document(s)
in two
business
days
(includes
the day
of
receipt).
You may
request
in your
cover
letter
same day
service
- please
call
ahead of
time to
verify
this can
be done,
and to
find out
a name
to whose
attention
you can
send the
document(s).
(Note:
the
example
cover
letter
does not
include
this
request.
You will
need to
add it.)
If you
need to
expedite
the
process,
you may
also
make an
appointment
a day or
two
ahead of
time and the
Consulate
will
legalize
the
document
during
your
appointment.
The
Consulate
is open
Monday -
Friday
from
9:00
a.m. -
4:00
p.m.
CST.
2. Once
the
attorney
receives
the
legalized
document
from the
consulate,
it will
be
translated
into
Spanish.
Dominican
Republic
law
requires
that all
legal
documents
be in
Spanish. The
attorney
fee to
naturalize/register
your
company
is
$2,000.
The
attorney
will
require
a
deposit
of $1500
to begin
the
work.
You will
be
notified
of this
at that
time.
Please
make the
check
payable
to
Carmen
Jaquez
and send
it,
along
with a
copy of
your
passport,
to the
following
address:
Carmen
Jaquez
Carretera
Don
Pedro,
No. 73
Residencial
Las
Dianas
Santiago,
Republica
Dominicana
phone:
809-963-3677
You may contact Ocean Star Estates for our Federal Express number, so that you can select "third party" on the airway bill.
Be
sure
to
write
down
your
tracking
number,
so
you
can
track
the
package's
delivery.
The
final
$500 is
due once
the
company
has been
registered.
3.
The
attorney
will
complete
a
Merchant
Registry
form,
which
the
buyer
must
sign.
4. The
attorney
will
send the
legalized
document and the
signed
Merchant
Registry
form to
the
Chamber
of
Commerce
in the
Dominican
Republic.
The
Chamber
of
Commerce
will
take
approximately
30 days to
review
the
documents
and
register
the
business.
5.
The
buyer
will
receive
a
Dominican
Republic
business
registration
number (RNC).
Dominican
Republic
Business
A
benefit
to
titling
under
the name
of a
Dominican
Republic
business
is that
upon
selling
the
property,
the
buyer
avoids
the
property transfer
tax fee
(currently
4.5
percent
of the
purchase
price),
which is
an
incentive
to the
buyer.
This is
because
the
buyer is
buying
the
shares
in the
company.
The tax
benefits
to the
business
include
allowing
up to
$85,000
per year
in
income
that is
not
taxable.
The cost
to set
up a
Dominican
Republic
business
is
$3,000.
This
cost
includes
attorney's
fees and
taxes.
It
typically
takes
three to
four
months
to form
a
Dominican
Republic
business.
Our
attorney
can
assist
you in
setting
up a
Dominican
Republic
business.
Closing
The
process
for
closing
depends
upon
which of
the
following
two
categories
you fall
into:
(1) Lot
Titled
(i)
Under
the Name
of an
Individual
or
Individuals,
(ii)
Under
the Name
of a
Non-Dominican
Republic
Business
Already
Registered
by the
Dominican
Republic,
or (iii)
Under
the Name
of a
Dominican
Republic
Business
Already
Formed:
click
here
OR
(2) Lot
Titled
(i)
Under
the Name
of a
Non-Dominican
Republic
Business
To Be
Registered
by the
Dominican
Republic
or (ii)
Under
the Name
of a
Dominican
Republic
Business
To Be
Formed:
click
here
Category
1
Individual(s)
/
Registered
Non-Dominican
Republic
Business
/ Formed
Dominican
Republic
Business
You
will
be
mailed
a
closing
packet
that
includes
the
following:
-
Two
completed
copies
of
the
Act
of
Sale
Under
Private
Signature
contract,
in
Spanish.
(Dominican
Republic
law
requires
that
all
legal
documents
be
in
Spanish.)
-
One
completed
copy
of
the
Act
of
Sale
Under
Private
Signature
contract,
in
English.
(We
will
provide
a
true
and
accurate
English
version
of
the
contract
as a
service
to
you.)
-
“Process
for
Closing
on
Lots
in
Ocean
Star
Estates”
document
-
Federal
Express
pre-paid
return
envelope.
You will
need to
return
the
following
to us
within
45 days
of the
signature
date on
your
Ocean
Star
Estates
Real
Estate
Reservation
Agreement
form:
-
Two
signed, original
copies
of the
Act of
Sale
Under
Private
Signature
contract
(Spanish
version)
-
Final
payment,
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).
Self-Directed
IRA
Buyers:
Your
closing
packet
will be
as
described
above,
along
with
instructions
that are
specific
to the
needs of
your
custodian.
Your
custodian
will
need to
return
the
following
to us
within
45 days
of the
signature
date on
your
Ocean
Star
Estates
Real
Estate
Reservation
Agreement:
-
Two
signed, original
copies
of the
Act of
Sale
Under
Private
Signature
contract
(Spanish
version)
-
Final
payment,
in U.S.
dollars,
by
check,
payable
to Ocean
Star
Estates,
LLC; or
by
credit
card
(MasterCard,
Visa,
American
Express
or
Discover).
Buyers
Financing:
If
you
are
financing
your
purchase
through
us,
you
will
be
mailed
a
closing
packet
once
you
have
been
pre-approved.
The
packet
will
be
as
described
above,
only
you
will
receive
a
Promise
of
Sale
contract
at
this
point
(not
the
Act
of
Sale
Under
Private
Signature
contract).
You
will
need
to
return
the
following
to
us
within
45 days
of
of the
signature
date on
your
Ocean
Star
Estates
Real
Estate
Reservation
Agreement:
-
Two
signed, original
copies
of the
Promise
of
Sale
contract (Spanish
version)
-
A
down
payment
of
40
percent
of
the
total
purchase
price
(less
your
deposit
paid),
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).
Once
we
have
received
the
fully
executed
documents
and
payment
requested
in the
closing
packet
you
are
sent,
the
documents
will
be
sent
to our
attorney
in the
Dominican
Republic:
Carmen Jaquez
address:
Carretera
Don
Pedro,
No. 73
Residencial
Las
Dianas
Santiago,
Republica
Dominicana
email:
carmenjaquez@hotmail.com
cell
phone:
1-809-963-3677
If you
need
to
speak
with
Carmen
directly
about
your
closing,
you
may
contact
her.
Carmen
speaks
Spanish,
but we
have
an
English
translator
who
can be
present
in
Carmen’s
office
during
your
conversation.
Please
contact
Humberto
Metz
at
1-829-962-7522
(cell
phone)
or
menz_98@hotmail.com
to
arrange
this.
Ms.
Jaquez
will
finalize
the
contracts
and
return
an
original
copy to
us,
which
we
will
mail
to
you
(for
self-directed
IRA
buyers,
the
original
will
be
mailed
to
your
custodian
and
you
will
receive
a
copy).
The
certificate
of
title
number
on
the
Act
of
Sale
Under
Private
Signature
contract
and
the
Promise
of
Sale
contract
is
that
for
the
entire
development.
Surveying
of the
individual
lots
was
completed
the end
of
August
2007 and
documentation
submitted
to the
Dominican Republic
government
for
approval.
This
process
is
simple
and we
expect
no
delays
since
the
entire
property
has
already
been
surveyed
and
approved.
The
process
should
be
completed
approximately 45
days
from
the
submittal
date.
In the
interim,
if
you
signed
the
Act
of
Sale
Under
Private
Signature
contract, you
will
have
provisional
title
to
your
property,
which
means
you
can do
anything
with
the
property
allowed
under
Dominican
Republic
law
except
transfer
title.
Once a
certificate
of title
number
is
available
for your
lot
(and,
for
buyers
who are
financing,
financing
has been
approved), we
will
send you
a final
closing
packet,
which
will
include
three
copies
of the
completed
Act of
Sale
Under
Private
Signature
contract,
in
Spanish,
with the
actual
certificate
of title
number
for your
lot. You
will
simply
need to
sign all
three
copies
of the
contract
and
return
them to
us. If
you are
financing,
the
final
payment
of 60
percent
will be
made at
this
time.
Your
final
closing
packet
also
will
include |