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Reserve an Ocean Star Estates Lot

The information that follows is a detailed account of how to reserve a lot, change a reservation, and cancel a reservation. It is highly recommended that you read this information before filling out any of the related forms.

*      Reserving a lot

*      Changing a reservation

*      Cancelling a reservation

Note: the forms referenced on this page are in pdf format and can be opened with Adobe Reader. If you do not have this program on your computer, it can be easily downloaded for free by clicking on the following link: Adobe Reader.

RESERVING A LOT

QUESTION: What is the process for reserving a lot?

ANSWER:

Step 1: Complete reservation form/pay deposit

Complete the Ocean Star Estates Real Estate Reservation Agreement (Reservation Agreement), available online in a printable (pdf) format:

Lot(s) Being Reserved

  • Enter the block and lot number(s) you are reserving, using the plat map. Please check the “Sold” column of the Lot Information Table to be sure the lot is still available (refresh the web page to ensure you have the latest information). If you are reserving lots from more than two blocks, you may write that information in the nearby available space on the form. Lots will be reserved on a first-come, first-serve basis.
  • Enter the total purchase price by block, using the information from the Lot Information Table, and then enter the total purchase price for all lots.
  • Please be aware of the process for changing a reservation (see Changing a Reservation below).

Name to Appear on Title

Enter the name to appear on the title from the options provided:

  • Individual (100% ownership)
  • Married couple (joint ownership): enter both spouses names
  • Individuals: enter the individuals' names and each one's percent ownership
  • Business: enter the business name

If you will be purchasing the property through a business (including a self-directed IRA LLC), please be aware that the business must either be (1) a business formed in the Dominican Republic, or (2) a business formed in another country that has been registered by the Dominican Republic. You may go ahead and reserve a property and begin the closing process while you are forming a Dominican Republic business or getting your non-Dominican Republic business registered, but you will not receive title to the property until after the business has been formed or registered.

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, 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.

  • Self-Directed IRA: enter your self-directed IRA account name (e.g., Custodian's Name FBO Buyer's Name Account Number).

If your account is not yet set up, please let us know the custodian you will be working for, and your representative if you have one. More information about purchasing a lot using your self-directed IRA is available by clicking here.

Nationality, Country of Residence & Passport Number of Individual(s), Business Representative or IRA Account Holder

For the purpose of filling out the contract you will sign, we will need the nationality, country of residence and passport number for each individual on the title; for the business representative; or for the self-directed IRA account holder.

If you do not have a passport, you will need to provide us with your driver's license number and state, and your social security number (Americans); driver's license number and province (Canadians); or driver's license and where issued (other). Personal information will only be used for the purpose of completing your closing contract, and will not be shared with anyone.

If you are uncomfortable with providing any of this information on the form, you may call our office at 913-381-4520 with the information or email it to dino@rogueinvestor.com.

Important: You will need a passport number eventually in order to receive your title. If you do not have a passport or it has expired, please begin the process for applying for one or renewing your existing one.

Please also provide a contact name for us, and contact information for that person.

Deposit

  • A deposit of $5,000 PER LOT is required to reserve a lot, unless you are purchasing a lot using your self-directed IRA (see next bulleted item). This deposit will be applied to the purchase price. The deposit may be in the form of a personal check, cashier's check or money order (payable to Ocean Star Estates, LLC), or may be by credit card.
Important! Credit cards will not be processed/checks will not be deposited before the 4th business day following the date of buyer’s signature on the Real Estate Reservation Agreement form. TO CANCEL this reservation, Ocean Star Estates must receive a written cancellation notice from buyer before said 4th business day. The cancellation must be signed and dated. Fax to 913-381-6081. There are NO REFUNDS on the deposit once this deadline has passed and payment has been received by us (i.e., you sent a check, or your credit card has been charged by us). See Cancelling a Reservation below for information on how to cancel a reservation and receive a refund of your deposit.
  • If you will be purchasing a lot using your self-directed IRA, a deposit of $500 PER LOT is required to reserve a lot. The deposit may be in the form of a personal check, cashier's check or money order (payable to Ocean Star Estates, LLC), or may be by credit card.

You may reserve a lot even if your IRA account is not yet set up; however, please submit your account information to us no later than two weeks following the signature date on your Real Estate Reservation Agreement form.

The total purchase price is to be paid through your self-directed IRA. Checks will NOT be deposited/credits cards will NOT be processed. A check will be held until we have received a check from your self-directed IRA custodian for the full payment. At that point, the check will be voided and returned to you.

If the reservation is cancelled and a refund is not due, the deposit will be processed. The same terms for cancelling a reservation, as outlined in paragraph 2 of the first bulleted item under the header "Deposit," apply as well for buyers using their self-directed IRA.

Important! On the Real Estate Reservation Agreement form, be sure to indicate where directed that you will be purchasing the lot using your self-directed IRA, so that we do not process your deposit. You may NOT use personal funds to reserve a lot if you will be purchasing it through your self-directed IRA. This will be construed as a self-dealing transaction and thus a prohibited transaction under IRC section 4975.

For more information on purchasing a lot using your self-directed IRA, click on Self-Directed IRA. 

Deposit Payment Type

  • If paying the deposit by personal check, money order or cashier’s check, enter the requested information. Include the check with the Reservation Agreement if mailing the form, or include a copy of the check with the Reservation Agreement if faxing the form and mailing the check separately. If faxing the form, the check must be received by us within 5 business days following the fax date to hold the reservation.
  • If paying the deposit by credit card, enter the requested information. MasterCard, Visa, American Express and Discover are accepted. The security code is found on the back of the credit card (the front for American Express cards). 

Important! Please ensure that the charge will go through before sending the Reservation Agreement form. Many credit card companies are suspicious that large monetary charges are fraud. You may need to contact your credit card company ahead of time to let them know about the upcoming charge.

Closing

Full payment of the total purchase price is due within 45 days of Buyer’s signature date on the Real Estate Reservation Agreement form.

Signature and Date

Make sure you have read and understand the terms of the Real Estate Reservation Agreement (particularly the terms relating to cancelling and closing), and then sign and date the Real Estate Reservation Agreement form. Return the form to Ocean Star Estates, LLC by fax or mail:

  • Fax: 913-381-6081
  • Mail: Ocean Star Estates, LLC, 5939 Woodson, Mission, KS 66202

Step 2: Deposit processed by Ocean Star Estates, LLC

Personal check, money order, cashier’s check: Checks will not be deposited before the 4th business day following the date of buyer’s signature on the Real Estate Reservation Agreement form. (If you are purchasing a lot using your self-directed IRA and the deposit is paid by check, the check will be held and not deposited unless necessary under the cancellation terms described below. This is because full payment will be made by the self-directed IRA custodian.) A copy of the check will be included with your closing packet.

Credit card: Credit cards will not be processed before the 4th business day following the date of buyer’s signature on the Real Estate Reservation Agreement form. Payment will be processed through Ocean Star Estates’ Virtual PayPal account. (If you are purchasing a lot using your self-directed IRA and the deposit is paid with a credit card, the credit card will not be processed unless necessary under the cancellation terms described below. This is because full payment will be made by the self-directed IRA custodian.) Important! Your credit card will show a charge to Ocean Star Estates, LLC. You will be emailed a copy of the credit card transaction, and a hard copy will be included with your closing packet.

Self-directed IRA: You may NOT use personal funds to reserve a lot if you will be purchasing it through your self-directed IRA. This will be construed as a self-dealing transaction and thus a prohibited transaction under IRC section 4975. Therefore, you must decide at the time you are reserving a lot whether or not you will be using your self-directed IRA to purchase. If you change your mind and we have already processed your deposit, your custodian will not execute the transaction for the above reason. It is possible that some custodians would allow us to refund the deposit so that personal funds were not used, and then allow the transaction.

Step 3: Closing packet

Once your deposit has been processed and we have all the information necessary to complete your contract (e.g., passport number and nationality), you will receive a closing packet by Federal Express overnight service.

Click here for more information on the closing process.

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CHANGING A RESERVATION

QUESTION: What if I want to change my reservation?

ANSWER: If you want to change a reservation from one lot to another lot, please perform the following steps:

  1. Check the Lot Information Table available online to ensure that the lot you want hasn’t been sold (refresh the page to ensure you have the latest information). 
  2. Print the Ocean Star Estates Real Estate Reservation Change Agreement, available online (pdf format):  
     

    Real Estate Reservation Change Agreement
  3. Complete the fields in Step I: Buyer to Complete. Please ensure that the contact name is the same as the name you entered on the Real Estate Reservation Agreement form.

    Enter your requested change. You must include the original reservation - block/lot AND price; and the requested change - block/lot AND price. Sign and date where indicated in Step I.
  4. Fax or mail this document to Ocean Star Estates, LLC to request the reservation change: 
     
    • Fax: 913-381-6081
    • Mail: Ocean Star Estates, LLC, 5939 Woodson, Mission, KS 66202
  5. We will complete Step II of the form. The requested change will either be approved; approved with changes (e.g., the requested change in Step I left out a lot price or gave an incorrect lot price); or not approved with a reason provided (e.g., the lot is not available). We will then fax or email the form to you.
  6. If the requested change is approved with changes, and you accept the changes, you will need to sign and date where indicated in Step III: Buyer to Complete if Approved With Changes. Fax or mail the form back to us (see number 3 above).
  7. If the requested change cannot be approved, we will contact you to discuss other options and agree on an approved change. We will then complete Step II of the form and fax or email the form to you for your signature.
  8. A copy of the Reservation Change Agreement will be mailed to you along with your Closing Packet, or separately if the Closing Packet has already been mailed.

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CANCELING A RESERVATION

QUESTION:

How do I cancel my reservation?

ANSWER: To cancel a reservation and receive a refund of the deposit paid, we must receive a written and signed notice of cancellation from buyer before the 4th business day following the date of buyer’s signature on the Ocean Star Estates Real Estate Reservation Agreement. There are NO REFUNDS on the deposit once this deadline has passed and payment has been received by us (i.e., you sent a check, or your credit card has been charged by us).

The only exceptions to this refund policy are as follows:

  • Those cases where buyer intended