SDIRA Closing Guide
This guide is for buyers who are paying for their
lot in full using their self-directed IRA (not to
include buyers who are paying with
cash 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 envelope.
Your closing packet also will include instructions and documents that are specific to the needs of your custodian.
You will need to sign the contracts and then forward them and other specified documents to your custodian.
Your custodian will need to return the following to us:
-
Two signed (by both buyer and custodian),
original copies of the sales contract.
-
Final payment and closing costs (2.5% of the
purchase price), in U.S. dollars, payable to
Ocean Star Estates, LLC. (Note: the 3% property
transfer tax fee will be paid by the custodian
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.
The buyer must have a current passport before this
final contract can be signed.
Once a final contract has been signed, the contract can be submitted to the Puerto Plata Title Registry for
title to be issued.
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