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• Frequently Asked

Owner Financing

Ocean Star Estates, LLC is pleased to let you know that we are offering owner financing for the purchase of lots. The terms of the financing are as follows:

1. interest rate: 8.75%
2. amortization: 20 years
3. balloon: 4 years
4. 30% minimum down payment
5. 5% finance fee on the amount being financed for down payments less than 40%.

Note: Closing costs of 2.5% of the purchase price of the lot also apply. This covers the property registry tax, the document stamp tax, attorney's fees, surveying of the lot, and government recording and documentation fees for the deed. Once the mortgage has been paid off and title can be transferred, the buyer will also be responsible for paying the property transfer tax fee. Under Law No. 288-04, the transfer tax is set at 3 percent of the government-appraised/set value of the property or of the purchase price, whichever is higher, and must be paid to the Tax Authority. Most of the land in the Dominican Republic already has a set value and does not need to be appraised.

You will receive your closing packet within 30 days of the signature date on your Agreement. Payment of the non-financed portion of the total purchase price and closing costs, along with two original, signed Promise of Sale contracts, are due no later than 45 days following the signature date on the Agreement for the lot(s) being financed.

If owner financing is not approved or you decline owner financing as approved, full payment of the total purchase price of your lot(s) is due to Ocean Star Estates, LLC within 45 days following the signature date on the Agreement for the lot(s) being financed, as agreed to on that form.

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.

More details about the closing process for owner financing is at Closing Process.