Rule 505 - Court Sales of Real and Personal Property(a) SALE OF REAL PROPERTY. Unless otherwise provided in these rules, a sale of real estate or any interest in land under an order of this court is governed by the 28 U.S.C. § 2001 in the same manner as if that statute was, by its terms, applicable to proceedings in this court.(b) PUBLIC SALE PROCEDURES. Unless the court order otherwise, the officer making a public sale must proceed under the following rules: (1)Publication. The officer must give prior notice of the sale by publication once a week for 4 weeks in a daily newspaper of general circulation in the District of Columbia. The notice must describe the property substantially as in the order and must state the time, place, manner and terms of sale and the deposit required.(2)Terms of Sale. The terms must be 1/3 of the purchase money in cash and the balance in 2 equal installments, payable on or before 1 and 2 years from date of settlement of sale, represented by the promissory notes of the purchaser with interest at 6% per annum, payable semi-annually, secured by deed of trust on the property, or all cash at the option of the purchaser.(3)Place; Presence of Officer. The sale must be held upon the premises, and the officer making the sale must be present and personally receive the deposit. If there is more than one officer, the presence of one will be sufficient.(4)Report; Ratification. A verified report of the sale must be filed promptly with the court. After the report is filed and on motion and notice, the court may, in its discretion, ratify the sale with or without further notice. If the sale is ratified, settlement must be made and the real estate conveyed by proper deed.(5)Form of Order of Sale. The order of sale must not contain detailed directions as to the manner of proceeding, but must do so only by reference to this rule.(6)Compensation of Auctioneer. The compensation of the Auctioneer will be 1.5% of the first $10,000.00, plus 3/8 of 1% of any amount over $10,000.00 of the value of the equity in the property being sold. In the event that the property is unencumbered by indebtedness, the auctioneer's compensation will be computed and paid at the same rate upon the entire sales price. In no case will the auctioneer's compensation be less than $35.00 dollars unless the property is withdrawn after being offered for sale, in which event the auctioneer's compensation will be $25.00 dollars.(c) PRIVATE SALE PROCEDURES. (1)Order for Sale. The court must schedule a hearing before ordering a private sale. Notice of the hearing must be provided to all parties and affected persons by publication or as otherwise directed by the court. The court may order the private sale if the court finds that the best interests of the estate will be conserved by a private sale.(2) Appraisers. (A)In General. Before confirming a private sale, the court must appoint: (i) 3 disinterested persons to appraise the property; or(ii) different groups of 3 appraisers each to appraise properties of different classes or situated in different locations.(B)Licensure. The appraisers must be licensed by the District of Columbia.(3)Minimum Sale Price. A private sale may not be confirmed at less than 2/3 of the appraised value.(4)Order Nisi Increased Offer; Confirmation. At least 14 days before confirmation of a private sale, the terms of the sale must be published in the newspaper or newspapers of general circulation in the District of Columbia as the court may direct, and the sale may not be confirmed if a bona fide offer is subsequently made, under such conditions as the court may prescribe, which guarantees at least a 10% net increase over the price specified in the published offer.(d) ACCOUNT; DISTRIBUTION OF PROCEEDS. Promptly after the settlement of a private or public sale made under this rule, a full and detailed account must be filed and presented to the court and the proceeds distributed as the court has directed or may direct.(e) COMPENSATION TO OFFICER MAKING SALE. The compensation of the trustee or officer making a sale will be 5% on the first $3,000.00, plus 2.5% on the next $10,000.00, plus 1% on any amount in excess of $13,000.00 of the value of the equity in the property being sold. If the property is unencumbered by indebtedness, the compensation of the trustee or officer making the sale will be computed and paid at the same rate upon the entire sales price. For special cause, the court may increase or reduce the compensation.(f) SALE OF PERSONAL PROPERTY. Unless otherwise provided in this rule, a sale of personal property under an order of this court is governed by 28 U.S.C. § 2004, in the same manner as if that statute was, by its terms, applicable to proceedings in this court. The officer making the sale must account and distribute as provided by Rule 505(d). The court may determine the compensation and expenses allowed the officer making the sale.Adopted by Order dated March 4, 2022, effective 8/22/2022.