Auction - Terms of Sale

WE ARE NAPA COUNTY

Treasurer-Tax Collector

Tamie Frasier

Terms of Sale

ALL POTENTIAL BIDDERS ARE REQUIRED TO READ AND UNDERSTAND THESE TERMS.

The auction will begin at 8:00 a.m. PT on March 13, 2010, and the auction will close at the time shown on each auction item on March 16, 2010.

The property information is being updated daily and will not be finalized until the day of the sale. Please read all due diligence materials and check the properties to be auctioned table for updates.

The descriptions provided are based on the Official Records of the County Recorder's Office and are presumed to be correct. The property to be sold may be approximately located from maps provided in the Due Diligence information on each auction item on www.Bid4Assets.com.

The right to redeem any parcel terminates as of 5:00 p.m. PT on March 12, 2010. Properties removed from the sale will be so indicated on the Asset Page listing for a specific property.

Prospective purchasers are urged to examine the title, location and desirability of the properties available to their own satisfaction prior to the sale. ALL PROPERTIES ARE SOLD AS IS. The County makes no guarantee, expressed or implied, relative to the title, location or condition of the properties for sale. The County assumes no liability for any other possible liens, encumbrances or easements, recorded or not recorded.

Prospective purchasers are advised that some bonds or other assessments which are levied by agencies or offices other than the Treasurer-Tax Collector may still be outstanding after the tax sale.

Some properties in some counties may have 1911, 1913 and/or 1915 Improvement Act Bonds, or Mello Roos bonds.

When property is sold at public auction on which the IRS holds a tax lien, the United States has the right of redemption for 120 days from the date of such sale (USC Title 26 Sec. 7425(d) and Revenue and Taxation Code Section 3712(g)). The IRS will pay the actual amount paid for the property by the bidder, plus a specified rate of interest, plus the expenses of sale that exceed any income received from the property.

The County makes no warranty, either expressed or implied, relative to the usability, the ground location, or property lines of the properties. The prospective purchaser must determine the exact location, desirability, and usefulness of the properties.

The sale of these properties should not, in any way, be equated to real estate sales by licensed salesmen, brokers and realtors. The County does not guarantee the condition of the property nor assume any responsibility for conformance to codes, permits or zoning ordinances. You should inspect the property before investing. The burden is on the purchaser to thoroughly research, before the sale, any matters relevant to his or her decision to purchase, rather than on the county, whose sole interest is the recovery of back taxes.

Your bid is an irrevocable offer to purchase the asset.

Successful bidders will be asked to complete a deed information form showing how they want the title to the property to be held (vesting). The Deed Information form will be provided to the winning bidder and must be completed within 48 hours following the close of the auction. The County Recorder will mail the original deed to the purchaser after recording, usually within four to six weeks. This deed conveys all right, title, and interest to the property in accordance with the provisions of Revenue and Taxation Code section 3712.

A California documentary transfer tax will be added to, and collected with, the full purchase price. This tax is calculated at the rate of $.55 for each $500.00 or fractional part thereof. The notification of winning bid will include the total purchase price, including documentary transfer tax, with instructions concerning the various payment methods.

Unless otherwise noted, payment in full by wire transfer, electronic funds transfer or cashier's check will be required by 1:00 p.m. PT, March 19, 2010, three (3) business days after a subsequent sale closes. No personal checks or credit card payments will be accepted. Payments in excess of the total purchase price will be refunded by mail within 30 days. To ensure that a cashier's check payment is received timely, Express Mail, UPS and Federal Express are suggested as reliable delivery services. If payment policy is not adhered to, the successful bidder may be banned from future sales.

A single bid deposit (plus a $25 processing fee) will be required to bid on any and all properties offered for sale by the county. Bid Deposits must be in the form of a wire transfer or certified check and must be in the custody of Bid4Assets no later than Tuesday, March 9, 2010 at 1:00 p.m. PT. Please contact Bid4Assets directly for instructions and questions pertaining to Bid Deposits. Final payment/settlement is due to Bid4Assets by 1:00 p.m. PT on Friday, March 19, 2010.

Only a successful bidder has the opportunity to purchase County assets. If the successful bidder defaults, under California State Law, the County cannot resort to the second highest bidder, and will be required to take appropriate legal action against the bidder who defaults. Failure on the part of the successful bidder to consummate the sale within the specified time shall result in the forfeiture of the deposit made and all rights that the purchaser may have had with respect to the property.

The successful bidder may generally take possession of the property after the tax deed to purchase has been recorded. Successful purchasers should contact their attorney for information regarding possession. Most title companies will not insure title on properties sold at public auction for at least one (1) year after the tax deed has been recorded. Legal action to challenge a tax sale must be commenced within one (1) year of the tax deed recording date.

ALL SALES ARE FINAL. THERE ARE ABSOLUTELY NO REFUNDS

RULES ARE SUBJECT TO MODIFICATION BETWEEN NOW AND COMMENCEMENT OF SALE