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PUBLIC OWNER’S AUCTION
OF
  
  
Valuable, Unimproved
WATERFRONT REAL ESTATE
Anne Arundel County
By the authority vested in the undersigned Auctioneers by Morris Construction Co., we will offer for sale at Public Auction on the Premises of 983 MAGOTHY AVENUE, ARNOLD, MD 21012
on:
SATURDAY MARCH 29, 2008
AT 12:00 O’CLOCK NOON
*OPEN HOUSE*
SATURDAY, MARCH 22ND, 1-4 P.M.
Consisting of approx. 0.70 of an acre, +\-, with approx. 55ft, +\-, of bulkheaded waterfront on the Magothy River, Anne Arundel County Tax A/C #03-178-90052313, Tax Map 33, Grid 22, Parcel 49, being designated as Lot 1, "Cedar Point", being more particularly described in a Deed duly recorded among the Land Records of Anne Arundel Co., MD in Liber 16675 at Folio 754. The property will be sold with all approved building plans, site plan, grading permit, building permit, perc test, etc.. All plans and permits will be available for inspection on the premises during the Open House.
TERMS OF SALE: A deposit of $26,000.00 in cash, certified check, or cashiers check required at time and place of auction. Additional $26,000.00 within 5 business days of auction date. Settlement must occur within 45 days of the auction date.
The property and any and all improvements are being offered for sale “AS IS” without any warranty expressed or implied. Title guaranteed to be free and clear of all judgments, liens, or encumbrances at time of settlement.
PROPERTY INFORMATION
911 ADDRESS: 983 Magothy Avenue
Arnold, Maryland 21012
TAX ACCOUNT NUMBER: 03-178-90052313
TAX MAP: Map 33, Grid 22, Parcel 49
COUNTY: Anne Arundel
REGION: Cedar Point
PROPERTY TAX: $488.19
TAX YEAR: 2008
SITE INFORMATION
ACRES: 0.70 of an acre, more or less
LOT AREA: 30,575 square feet, more or less
UTILITIES: Public Electrical Service Available
On-Site Freshwater Well Required
On-Site Septic System Required
IMPROVEMENTS: Small Concrete Block Storage Shed
LEGAL DESCRIPTION
BEGINNING for the first hereof, on the northeast side of Magothy Avenue, forty feet wide as laid out on the revised Plat of Shore Acres, subdivided by Cityco Realty Company, dated January, 1924, where it is intersected by the north forty-three and one-half degrees east one hundred and forty-four perches line of the land described in a Deed from James L. Sutton and wife to Bartemas Clark, dated August 2, 1951, and recorded among the Land Records of Anne Arundel County in Liber JHN No. 6, folio 68, &c., and running thence South forty degrees forty-five minutes east binding on the northeast side of Magothy Avenue fifty-nine feet to the lot of ground conveyed by Charles Dershinger and wife to Abraham A. Maisel by Deed dated June 5, 1936, and running thence with and binding on said lot north forty-nine degrees fifteen minutes east six hundred fifty one-hundredths feet to the water of Magothy River; thence binding on said River north sixteen degrees thirty minutes fifty-four and sixty-one hundredths feet to the aforesaid north forty-fhree and one half degrees east one hundred forty-four perches line, and thence binding on said line south forty-nine degrees fifteen minutes west six hundred twenty-two and fifty one-hundredths feet to the place of beginning.
Also being the same lot shown and unnumbered on the Plat of Cedar Point or Combination Defeated (untitled) prepared by E.V. Coonan & Co., Dated January 6, 1937, and recorded among the Land Records of Anne Arundel County, Maryland at Plat Book 10, folio 45. Being sometimes referred to as Lot 1, Magothy Avenue, Cedar Point.
*REAL ESTATE BROKER PARTICIPATION INVITED*
*ABSENTEE BIDS WILL BE CONSIDERED*
TERMS & CONDITIONS OF SALE - REAL ESTATE
1. The property will be sold at the discretion of the Owner at the end of all bidding.
2. The terms and conditions listed herein, as amended or supplemented by any oral announcements during the conduct of the auction, constitutes the Owner's entire statement relative to the premises described herein and the terms and conditions upon which such premises shall be offered for sale, sold, or purchased.
3. The property and its improvements will be offered for sale in “AS IS” condition subject to all covenants, easements, rights of ways, restrictions, and agreements of record affecting same, if any, and further subject to Anne Arundel County Building, Fire, and Zoning Codes, and without any warranty, expressed or implied, as to the condition or description of the property and/or its improvements including lead paint and/or asbestos concerns and ground contamination.
4. A deposit of Twenty-Six Thousand and 00/100s Dollars ($26,000.00) in cash, certified check, or cashier’s check will be required of the purchaser(s) at the time and place of Auction.
5. An additional deposit of Twenty-Six Thousand and 00/100s Dollars ($26,000.00) in cash, certified check, or cashier's check will be required of the purchaser(s) within five (5) business days of the auction.
6. The balance of the purchase money, together with interest at the rate of eight percent (8%) per annum is to be paid in cash, certified check, or cashier’s check within forty five (45) days of the Auction date. TIME BEING OF THE ESSENCE.
7. Should the purchaser(s) default, in addition to any other remedies available at law or in equity, the Owner, at his election, may declare the deposit forfeited and resell the property at the risk and expense of the defaulting purchaser(s).
8. Adjustments on all taxes, public charges, and special or regular assessments, if any, which are due and payable on an annual basis will be made as of the date of Auction and thereafter assumed by the purchaser(s).
9. Title examination, land survey, conveyancing, State Stamps, transfer taxes, and all other costs incident to the settlement of whatsoever kind or amount shall be paid by the purchaser(s).
10. Title guaranteed to be free and clear of any encumbrances at the time of settlement.
11. Should the Owner be unable to convey good and marketable title to the purchaser(s), the sole remedy for the purchaser shall be the refund of the deposit at which time the sale shall be null and void and the purchaser(s) shall have no further claim against the Owner or the Auctioneers.
PURCHASING REAL ESTATE AT AUCTION
The following information is provided by your Professional Auctioneer to assist you in understanding your purchase of a property at public auction. The material in this form is general in nature and does not limit your obligations under the contract of sale that you will be required to sign.
TERMS OF SALE: Your responsibilities as a purchaser have been advertised prior to the day of sale and will be read by the Auctioneer at the time of auction. Additional terms may be announced on the date of auction or may be posted at the auction site. The Auctioneer will make important announcements regarding the property and your obligations as a purchaser. Please feel free to ask any questions regarding these terms. Failure to comply with any of the terms of sale may cause you to forfeit your deposit and be responsible for the expenses to resell the property as well as any deficiency incurred.
CONDITION OF PROPERTY: The property will be sold “AS IS”. Unless otherwise announced, the sellers make no representations or warranties about the condition of the property. The sellers will not make any repairs.
DEPOSIT: Your deposit will be credited towards the purchase price. If you do not comply with the “TERMS OF SALE”, either published or within the contract of sale, you might lose all or part of your deposit. In addition, if you fail to settle for the property you might be obligated to pay the expenses to resell the property.
EXPENSES: You may be responsible for the expenses of owning the property as of the date of auction or as of the date of settlement, including taxes, utility costs, and insurance. You may be required to pay interest on the amount of the purchase price, less the amount of your deposit, from the date of auction to the date of settlement for the property. We recommend that you obtain a fire insurance binder on the property immediately as of the date of auction. The purchaser will pay all of the settlement expenses, including title fees and recording costs.
SETTLEMENT: The settlement or closing period is specified in the terms of sale. If settlement is based on ratification by a Court, that ratification period will take from 30 to 45 days. You will be expected to settle for the property within the specified time.
FINANCING: It is the purchaser’s responsibility to obtain financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately. If the bank must take longer than the specified time to complete the loan, the sellers may extend settlement for a short period of time if you can provide proof of a loan commitment. If you do not obtain the financing within the specified time for settlement you will be in default of your contract of sale.
BIDDING PROCEDURE: At the conclusion of the announcement and question period, the Auctioneer will solicit bids for the property. Bids are generally made either orally or by raising a hand. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid which is merely a nominal or fractional advance may be rejected by the Auctioneer if in his judgment it may affect the sale injuriously. If a dispute arises between two or more bidders, the auctioneer shall decide in favor of one of the bidders, or immediately re-offer the property.
ABSENTEE BIDDING
Although the Owner and the Auctioneers highly recommend that all bidders thoroughly inspect the property and attend the Auction to take one final look at the property and clarify any questions you may have concerning the property, we do realize that in today’s fast paced world it may not be possible to attend the Auction. For those who cannot attend the Auction, Auctioneers will accept an absentee bid under the following conditions:
1. The bid must be submitted in writing to the Auctioneers’ office at least 48 hours prior to the Auction date and shall contain bidder’s full name, proper mailing address, telephone number, and bank reference.
2. The bid must be accompanied by the required deposit as stipulated in the TERMS AND CONDITIONS OF SALE in either certified check or cashier’s check.
3. Should the absentee bid prevail, the bidder will be notified immediately by telephone, and arrangements for signing of sale agreements at Auctioneers’ office or agreement will be faxed to bidder for signature and immediate return to Auctioneers.
4. Should bidder fail to go to settlement or in any other manner default, the deposit will be forfeited as per TERMS AND CONDITIONS OF SALE.
5. Should the bidder be unsuccessful in the attempt to purchase the property, the required deposit will be immediately returned.
REAL ESTATE BROKER CO-OP
-All licensed real estate brokers/agents are urged to participate in the
Auction by registering consenting bidders, in writing with the office
of the Auctioneers.
-All broker/bidder arrangements must be SUBMITTED IN
WRITING to the Auctioneers at least 24 HOURS PRIOR to
Auction date.
-All registration letters must be on COMPANY STATIONARY and
SIGNED BY THE BROKER or AGENT and include the
BIDDER’S FULL NAME, PROPER MAILING ADDRESS, AND
TELEPHONE NUMBER. No oral registrations will be accepted.
-The Broker and/or Agent MUST ATTEND the Auction WITH
THEIR REGISTERED BIDDER(S).
-Should the Broker’s/Agent’s bidder be the successful purchaser
Auctioneers will pay the Brokerage a two percent (2%) commission
of the high bid price at closing.
-Please review the enclosed information carefully to evaluate the
property and determine if you have any clients that would be
interested.
ROBERT H. CAMPBELL & ASSOCIATES, LLC
Auctioneers & Appraisers
Established 1947
410-778-4235 Chestertown
410-263-5808 Annapolis
Members:
National & Maryland Auctioneers Associations
Anne Arundel Co. License Nos.
00077, 00078, 00147
www.CampbellAuctions.com
For more details and photos, go here to View the Salebill
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