Terms & Conditions of Sale - Online Auction - October 18, 2012
GENERAL INFORMATION The placement of a successful bid at a US Marshals online auction establishes a legally binding contract between the successful bidder and the Government. An e-mail notice sent to the high bidder establishes the contract, which is subject to final acceptance by the Government. The successful bidder is legally bound to pay for property awarded in accordance with his/her bid.
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 US Marshals 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 Bidders must qualify to bid by completing the registration form and submitting it with a $1000 cashier's check made payable to CWS Marketing. Bidder registrations and deposit checks must be received by October 17, 2012. Send registration and cashier's check to CWS Marketing 11091 Crooked Stick Ln, Carmel, IN 46032.
The successful bidder's deposit will be retained as the initial payment for the property. Cashier's checks made payable to the bidder's name CANNOT be accepted. Unsuccessful deposit checks will be returned within 5 business days.
The registrant agrees that, should the registrant be the successful bidder of the property, the following information regarding the transaction shall be published on the US Marshals website: (1) the registered bidder's name; (2) the property; and (3) the purchase price of the property. Electronic Freedom of Information Act Amendments of 1996 (5 U.S.C. 552 (2000).
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.
EARNEST MONEY DEPOSIT Immediately after the bidding is completed the high bidder's $1000 deposit will be retained as initial deposit for the property.
A real estate contract will be executed at this time by the high 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 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.
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 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 on the auction site. These changes take precedence over previous auction site 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 DESCRIPTION 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 was derived from sources believed correct, but is not guaranteed. Buyer acknowledges that he/she relied entirely on his/her own information, judgment, and inspection of the Original Lease and the Addendum to the Original Lease posted on the web site and available resources. Also note Wendy's (the Lessee) has a 30-day "Right of First Refusal" to the sale of the land.
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 The placement of a successful bid at a US Marshals online auction establishes a legally binding contract between the successful bidder and the Government and is subject to final acceptance by the Government. Once the successful high bid is established a final written sales contract will be prepared to include the individual information of the high bidder along with the high 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.
At the conclusion of bidding, an e-mail will be sent to the successful bidder confirming the bid amount. The successful bidder must acknowledge receipt of notice and supply information requested to validate the bid acceptance within 24 hours of the time the notice was sent. This acknowledgement confirms the price offered by the bidder and is subject to final acceptance by the Government. A contract will be sent to the successful bidder for signature. The contract must be returned to CWS Marketing within 48 hours of receipt. At this time the contract will be presented to the Government and is subject to their final acceptance. The Government may withdraw the property at any time before the sales contract is accepted. During this process the successful bidder may not withdraw their bid at any time. Unilateral conditions asserted by any bidder will not be accepted.
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 prior to the auction.
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.
SPECIAL WARRANTY DEED Clear Title will be transferred via a SPECIAL WARRANTY DEED.
DEFAULTS Failure to make required deposit or final payments and/or comply with the time frames specified on the website 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.
ADDITIONAL INFORMATION For additional information, please visit our website at www.cwsmarketing.com. For any other inquiries contact the sale manager Mike Lewis 281-236-0539.