To bid on this auction, all bidders are required to submit a BidDeposit of $500.
The placement of a successful bid at a Department of the Treasury 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 document will be sent to the successful bidder for signature. The contract must be returned to URS 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.
The high bidder shall deliver ten percent (10%) of the Purchase Price less the initial money deposit, whichever is greater, to URS by cashier's/certified check, payable to URS 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.
The bidder who placed the bid accepted by the Government, is legally bound to pay for property awarded to him/her in accordance with the successful bid. Payment of the full purchase price must be made within the time specified on the auction site.
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 the buyer and seller. Only the Government may, at its discretion, exceed closing beyond 30 calendar days.
If the successful bidder does not perform, the bidder will forfeit the $500 Deposit to the Department of the Treasury. Closing costs, without limitation, transfer taxes, documentary stamps, recording fees, and escrow fees will be paid by the Buyer and the Government in accordance with the customs of the county in which the property is located. The successful bidder is required to use the Government closing agent of choice.