Frequently Asked Questions
Is raffling a home legal?
Yes, every state has its own laws and statutes outlining what must be done in order to conduct a legal raffle. This game of chance has followed all legal regulations so as to be pursuant to Florida Statute 849.0935, and in compliance with the registration requirements of Chapter 496, Florida Statutes, the Solicitation of Contributions Act. A copy of the official registration and financial information may be obtained from the Division of Consumer Services by calling toll-free (800-435-7352). Registration does not imply endorsement, approval, or recommendation by the State.
What are the odds of winning the raffle?
The maximum number of tickets we will be selling for this raffle is 10,000. Therefore, if you bought one ticket, your odds would be 1 in 10,000. If you bought 100 tickets, your odds would be 1 in 100.
What happens if we do not reach our goal?
In the event all 10,000 tickets are not sold, the Raffle will be held as scheduled and the Prize will be awarded as advertised, with the exception that the Winner will receive a sum equal to 50% of the Net Raffle Proceeds, instead of the Eagle Nest home. In this event, title of the home will be retained by the Sponsor, and the Net Raffle Proceeds will be divided between the Prize Winner and the participating charities (see CHARITIES), whereby the Prize Winner will receive 50% of the Net Raffle Proceeds, with the remaining 50% being divided among the participating charities. For these purposes, Net Raffle Proceeds are defined as the funds remaining after paying all Raffle expenses and all expenses for the Eagle Nest home.
How can I enter for a chance to win?
You may order tickets via website, email, mail, or fax. For more information, visit our PURCHASE TICKETS page.
Can more than one name appear on a ticket?
Only one eligible person may be entered in the Raffle per ticket, and each entry represents one chance to win. If multiple names are listed on a ticket, the FIRST name will be deemed the holder of the ticket. If selected as the winning ticket, division of the prize by a group obtaining a ticket shall be the sole responsibility of the ticket holder as defined above (the first name on the ticket).
Must I be present at the drawing to win?
No. If the winner is not present, he or she will be notified via telephone, email, or mail as soon as his/her identification has been verified. The holder of the winning ticket must claim the Prize within seven days of the drawing.
Who conducts the drawing?
The raffle will be supervised and conducted by a Florida licensed CPA firm.
When will the drawing be held?
The drawing will be held on July 4th, 2011 (check this website or our FaceBook and Twitter accounts for time and location).
Will I have to pay taxes on the winnings?
Yes. The Winner will have to pay property taxes (estimated at $3700.00). Additionally, the Sponsor is obligated to report the value of the prize to tax authorities as income awarded to the Winner. The Prize Winner will be responsible for any and all applicable local, state, and federal income or excise taxes associated with the receipt of this prize, estimated at 25% of the fair market value of the Prize. This withholding tax will be payable to the Sponsor. A W-9 or similar tax forms must be completed by the Winner for this purpose. For more information, see the “TAXES” section of the Rules & Regulations page.
Where is the money held until the drawing?
Monies received from the raffle will remain in an escrow account until transfer of title takes place.
Will I receive a refund if all the drawing does not take place?
Yes. Should the prize become unavailable due to circumstances beyond our control (i.e., fire, storm, damage, etc.) all funds will be returned. Additionally, funds will be returned for payments received after 10,000 tickets are sold or after the ticket purchase deadline of July 3rd, 2011 at 5 p.m. EST.
Who handles the transaction and closing?
Heritage Title Company in Eagle, Colorado
Where will the raffle be held?
To Be Determined (please continue to check this website, or follow us on Facebook or Twitter for updated information on the Raffle Drawing)
Who is responsible for the closing costs?
All closing costs/title transfer fees will be paid by the Raffle Sponsor.
Where is the home located?
The home is located in “The Bluffs” in beautiful Eagle, CO—amidst endless mountain bike and hiking trails and eco-trails, just miles from the Eagle County airport, and 20 minutes from some of the best skiing in the world. Click here for more information about the LOCATION OF THE HOME.
