[Code of Federal Regulations]
[Title 33, Volume 3]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 33CFR211.109]

[Page 196]
 
                TITLE 33--NAVIGATION AND NAVIGABLE WATERS
 
 CHAPTER II--CORPS OF ENGINEERS, DEPARTMENT OF THE ARMY, DEPARTMENT OF 
                                 DEFENSE
 
PART 211_REAL ESTATE ACTIVITIES OF THE CORPS OF ENGINEERS IN CONNECTION WITH 
 
Sec.  211.109  Contract of sale.

    Upon determination of the price at which the land will be 
reconveyed, and after the reaching of an agreement by the former owner 
and the abutting owner if an objection to the reconveyance was made by 
the abutting owner, the appropriate District Engineer will prepare a 
contract of sale containing the terms and conditions of the reconveyance 
and deliver it to the applicant for acceptance. The contract of sale 
shall provide for the deposit of earnest money equal to twenty (20) 
percent of the price at which the land will be sold or the estimated 
cost of any surveys or boundary markings necessary as an incident to the 
reconveyance, whichever is greater. The deposit will be applied to the 
price at the time of settlement. In the event of default, the deposit 
will be retained by the Government as liquidated damages. Failure of the 
applicant to execute the contract of sale or to deposit the earnest 
money with the appropriate District Engineer within thirty (30) days 
after receipt of the contract, unless a written extension of said thirty 
(30) days is granted by the appropriate District Engineer, in accordance 
with section 205(e) of the Act of Congress approved July 3, 1958 (72 
Stat. 316) or in accordance with section 11 of the Act of Congress 
approved December 23, 1971 (85 Stat. 800) and the delegation contained 
in Sec.  211.111, that within a reasonable time after receipt of a 
proper application for any reconveyance of such land, the parties have 
been unable to reach a satisfactory agreement with respect to the 
reconveyance of such land. Authority is hereby delegated to the Chief of 
Engineers and/or the appropriate District Engineer to execute the 
contract of sale for and on behalf of the United States of America.

[37 FR 15371, Aug. 1, 1972]