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Title Transfer

In a typical real estate transaction, a binding Promise of Sale is prepared by an attorney or notary public (notaries in the Dominican Republic are required to have a law degree), which is signed by both parties in the presence of a notary public in that country. Once all conditions for transferring title have been met, the buyer and seller can proceed to signing a Deed of Sale.

In the case of a cash purchase where there are no conditions to be met before a title can be transferred, a Deed of Sale is signed by both parties in the presence of a notary public in the Dominican Republic. The authenticated contract is taken to the nearest Internal Revenue Office (IRO) and a request is made for the property to be appraised (most of the land in the Dominican Republic already has a set value and does not need to be appraised). The IRO determines the amount of transfer and registry taxes to be paid. This may take a few days or as long as a few weeks.

Taxes must be paid before filing the purchase at the Title Registry Office. The buyer is responsible for the following tax:

• Property Transfer Tax: 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.

Note: The 2.5 percent closing cost fee that the buyer will pay to Ocean Star Estates, LLC upon closing covers attorney's fees, surveying of the lot, and government recording and documentation fees for the deed. The buyer will pay for the property transfer tax fee separately, once title is ready to be transferred.

Once the taxes have been paid, the Deed of Sale, the Certificate of Title of the seller, and documentation provided by the IRO are submitted to the Title Registry Office for the jurisdiction where the property is located.

The sale is recorded at the Title Registry Office and a new Certificate of Title is issued in the name of the buyer. The property belongs to the buyer upon the sale being recorded. It can take a few days or as long as a few months for a new Certificate of Title to be issued.

Phase I Titles

The Puerto Plata Registrar of Titles has issued titles in the seller's name (Inversiones DiMerca, S.A.) for the lots and other surveyed parcels within Phase I of Ocean Star Estates:

• The front page of each title that was issued for Phase I - 116 lots, 3 green spaces, recreational area, institutional area, and clubhouse: http://www.oceanstarestates.com/Puerto-Plata-phaseI-titles.pdf
• The back page of the titles (same for each title): http://www.oceanstarestates.com/Puerto-Plata-phaseI-titles-back-page.pdf

To view the title for your lot, or a lot you are interested in purchasing, please do the following steps:

• Click on the following link and find the parcel number for your lot: http://www.oceanstarestates.com/table_parcel_numbers.html
   
• Click on this link: http://www.oceanstarestates.com/Puerto-Plata-phaseI-titles.pdf. The parcel number is listed in the third field on the left, with its header "Proprietario."