Terms of Sale
GENERAL INFORMATION:
The placement of a successful bid at a U.S. Department of the Treasury auction establishes a legally binding contract between the successful bidder and the Government. The auctioneer's announcement of the high bid amount and the bidder's number establishes the contract, which is subject to final acceptance by the Government. This contract is bound by these Terms and Conditions, any Special Terms and Conditions published by the Contractor for the specific auction, 19 CFR Customs Duties Part 162, and all other Federal regulations governing contracts for the purchase of Government property, which may be found at http://www.acquisition.gov/far/. The successful bidder is legally bound to pay for property awarded in accordance with his/her bid. CWS, the Contractor, is acting as the agent of the Government with respect to the sale of Government real property at these auctions. The Contractor may videotape the auction and record phone bidding to assist in any future contract resolution actions.
ELIGIBILITY OF BIDDERS:
The Bidder warrants that he/she is not: (a) under 18 years of age;(b) an employee of any department or agency of the Federal Government prohibited by the regulations of that agency from purchasing property sold hereunder; (c) an agent or immediate member
of the household of the employee in (b), above; (d) the
Contractor, subcontractor or vendor, or their agent who has access
to information concerning the property to be sold at U.S.
Department of the Treasury auctions that is not generally available
to the public; (e) presently debarred or declared ineligible for the
award of contracts by any Federal agency in accordance with 41
CFR 101-45.6; or (f) the party, or agent of the party(s), from whom
the property was seized.
The Contractor's subcontractor may not act as agent for a third party
in purchasing U.S. Department of the Treasury real property that is
or has been in their custody or control. For breach of this warranty,
the Government shall have the right to cancel the contract without
liability.
REGISTRATION OF BIDDERS:
Persons wishing to participate in the bidding process of the sale
are required to obtain, fill out, and deliver a bidder registration
card during the registration process for each sale.
In the event a person is bidding on behalf of another party, an original
notarized Power of Attorney must be presented at the time of registration.
Power of Attorney must include the buying party's social security
number.
If you are planning to bid in the name of a corporation, business, or
LLC, you must have the appropriate official documentation to show
proof of eligibility to bid on behalf of that corporation, business, or
LLC.
An individual's signature on the bidder registration card is an
acknowledgment of his/her full and complete understanding of all
Terms and Conditions and his/her agreement to be bound thereby.
Therefore, bidders are cautioned to carefully read all applicable
Terms and Conditions contained in this document and the sales
flyer/brochure before signing the bidder registration card. Bidders
must present a photo ID and evidence of earnest money deposit in
the amount of $50,000 in the form of cashier's or certified check
made payable to CWS Marketing Group, Inc as a prerequisite of
registration. Personal or business checks, money orders, cash,
bank letters, or letters of credit WILL NOT be accepted. Cashier's
checks made payable to the bidder's name CANNOT be accepted.
Each registered bidder will be issued a bidder number upon completion
of the registration process. Each bidder is solely responsible
for the use of his/her bidder number and any use by another
person is presumed to be with the consent of and contractually
binding on the registered bidder.
The registrant agrees that, should the registrant be the successful
bidder of a property lot, the following information regarding the
transaction shall be published on the U.S. Department of the
Treasury auction website: (1) the registered bidder's name; (2) the
property's address; (3) the purchase price of the property.
Electronic Freedom of Information Act Amendments of 1996 (5
U.S.C. 552 (2000)).
EARNEST MONEY DEPOSIT:
Immediately after the bidding is completed the high bidder and
second high bidder (Back-Up Bidder) will be required to make a
$50,000 earnest money deposit in the form of a cashier's/certified
check made payable to CWS. A real estate contract will be
executed at this time by the high bidder and back-up bidder. The
terms of the real estate contract supersede the Terms of Sale.
The high bidder shall deliver ten percent (10%) of the Purchase
Price less the initial money deposit, whichever is greater, to CWS
by cashier's/certified check, payable to CWS Marketing Group, Inc
or by bank wire transfer. Within three business days, should the
high bidder fail to deliver the earnest money, Seller shall have all
rights and remedies provided in the Terms of Sale, including the
right to retain the initial money deposit and any other deposits or
payments made by the high bidder as liquidated damages.
The successful bidder's deposit(s) will be retained as the initial
payment for the property. Personal or business checks, bank letters,
or letters of credit will not be accepted. Cashier's checks
made payable to the bidder's name CANNOT be accepted.
BACK-UP BIDDER:
The back-up bidder's earnest money deposit will be returned by
certified mail or overnight delivery service within three (3) business
days after receiving total earnest money deposit from the high bidder.
In the event earnest money is not received from the high bidder
within the time period specified, the back-up bidder will
become the high bidder at the Purchase Price stated in the backup
bid contract. The back-up bidder is obligated to transmit
earnest money as stated above within three (3) business days of
notification. The foregoing liquidated damages provision shall
apply to the back-up bidder.
INSPECTION OF PROPERTY:
The bidder is invited, urged, and cautioned to inspect the property
prior to submitting a bid. Failure to inspect property shall not
constitute cause for cancellation of sale. Property will be available
for inspection at the times specified by the Contractor. Absolutely
no access to property is allowed without prior Contractor authorization.
At their own expense, potential bidders may have property
inspectors examine the property during regularly scheduled open
houses.
LEAD-BASED PAINT: (for properties built before 1978):
Disclosure of Information on Lead-Based Paint and Lead-Based
Paint Hazards and the EPA pamphlet "Protect Your Family from
Lead in Your Home" may be obtained by calling 1-800-424-LEAD or
visiting http://www.epa.gov/lead. Buyer acknowledges responsibility
for all costs associated with the abatement and remediation
of any disclosed or potential hazards associated with the property.
ORAL STATEMENTS AND MODIFICATIONS:
Changes may be made on the day of the sale to the property status
or descriptions in the sales flyer/brochure. These changes take
precedence over previous sales flyer/brochure information pertinent
to that property, but do not alter in any way the basic Terms
and Conditions of sale. Further, no interpretation of any provision
of the sales contract, including applicable performance requirements,
shall be binding on the Government unless furnished to and
agreed upon, in writing, by the Contracting Officer or his/her designated
representative.
REAL PROPERTY DESCRIPTIONS:
The bidder understands and agrees that the property is offered,
purchased, and accepted by the buyer "AS IS" and "WITH ALL
FAULTS." The Government and its agent make no warranties or
guarantees whatsoever whether written, oral, or implied as to
quality, condition, or habitability.
All information contained in the sales flyer was derived from
sources believed to be correct, but there is no guarantee. Buyer
acknowledges that he/she relied entirely on his/her own information,
judgment, and inspection of the property.
If a legal misrepresentation is determined before the final closing
on the property, the Government reserves the right to cancel the
sale and refund any earnest/deposit money paid.
OFFERING OF PROPERTY FOR AUCTION AND SUBMISSION OF
BIDS:
Once the Government accepts a bid, a final written sales contract
will be prepared to include the individual information of the high
bidder along with the accepted bid amount. A contract may also
be conditionally established with the recognized back-up bidder
for execution if the high bidder defaults for any reason or is rejected
by the Government.
In the event of a dispute as to final bid amount, the Government
reserves the right to review the video and audio tape of the auction
for clarification or to re-offer the property in question.
WRITTEN BIDS:
Written bids may be submitted in person, by registered mail, or by
overnight delivery service if the bidder is unable to attend the auction.
The appropriate deposit per property by cashier's/certified
check only, must accompany your written bid. The cashier's check
deposit must be made payable to: CWS Marketing Group, Inc.
Written bids for the property must be received no later than
October 18, 2017 at the following address: CWS, U.S. Department
of the Treasury, Seized Real Property Support, CWS, 10611 Balls
Ford Road, Suite 140, Manassas VA, 20109, Attn: Real Property
Sales.
Unsuccessful written bidders' deposits will be sent to the bidders
by certified mail or overnight delivery service within five (5) business
days after the sale.
CONSIDERATION OF BIDS:
The Government reserves the right to reject any or all bids, and to
waive any technical defects in bids. Property is sold with a minimum
reserve price unless the property is, in explicit terms, offered
without a minimum reserve price. If the minimum reserve price is
not achieved, the Government may withdraw the property at any
time before the sales contract is executed.
FINANCING:
The buyer is responsible for obtaining his or her own financing
arrangements as required. The Government does not provide
financing for the purchase of any property offered under these
Terms and Conditions. Bidders are strongly recommended to
investigate and secure financing arrangements, if required, prior to
attendance at a public offering.
Failure to obtain financing during the closing process does not
relieve the buyer of his/her legal responsibility and obligation for
completion of the contract. Failure to comply with all provisions of
the sales contract regarding closing may result in termination of the
contract because of buyer's default and may result in the forfeiture
of any earnest/deposit funds.
CLOSING:
Closing will be held within 30 calendar days of the date the
Government signs the sales contract accepting the Buyer's offer.
Closing may be held sooner, with mutual agreement of Buyer and
Seller. Only the Seller may, at its discretion, exceed closing beyond
30 calendar days. Closing costs including, without limitation, transfer
taxes, documentary stamps, recording fees, and escrow fees
will be paid by the Buyer and Seller in accordance with the customs
of the county in which the property is located. In the event
Buyer desires title insurance, it will be at the Buyer's expense.
GOVERNMENT DEED:
Clear title will be conveyed via a Government deed. Liens and
other encumbrances will be paid by the Government. Title insurance
is available at Buyer’s expense.
DEFAULTS:
Failure to make required deposit or final payments and/or comply
with the time frames specified in the sales flyer/brochure shall be
deemed default of the high bidder and may result in cancellation
of the contract and forfeiture of any rights, title, and interest the
Buyer may have acquired. In that case, title of the property will
remain with the Government and will result in the forfeiture of the
deposit. If the default occurs because of failure to make the
required deposit, the buyer shall be liable to the Government for
liquidated damages in the amount of that deposit.
PROPERTY OFFERED FOR SALE BY IRS-CI, ICE AND SECRET
SERVICE:
In accordance with 18 USC Section 1963(f) and 21 USC Section
853(h) of the Comprehensive Crime Control Act of 1984 and
Department of the Treasury Policy, forfeited (real) property will not
be sold to the defendant or person(s) acting as his/her agent. A
real property sales contract may be cancelled by the Government
in compliance with the above statutes or policy.
ADDITIONAL INFORMATION:
Visit our website at www.treasury.gov/auctions/treasury/rp. If you
do not have Internet access, or have further questions, you may also
call our Public Auction Line at (703) 273-7373 or fax to (571) 921-4153