Absolute Above $150,000 - "Columbia"

ABSOLUTE REAL ESTATE AUCTION
To The Highest Bidder Over $150,000

Sale On Premises
5501 TWIN KNOLLS ROAD
Unit Number 11
“Twin Knolls Professional Center”
Howard County, Maryland 21045

FRIDAY, OCTOBER 27, 2017
AT 11:00 A.M.

THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES DEEMED RELIABLE AND BELIEVED TO BE ACCURATE. HOWEVER, NO EXPRESS OR IMPLIED WARRANTY IS MADE AS TO THE ACCURACY OF THESE REPRESENTATIONS. ALL DIMENSIONS CONTAINED HEREIN ARE MORE OR LESS.

LOCATION:
The unit is located in the Twin Knolls Professional Center in Columbia, Maryland. The Twin Knolls Professional Center is a collection of four low-rise buildings nestled among a complex of other commercial properties. The complex is situated at the US-29 (Columbia Pike) and MD-175 (Rouse Parkway) interchange. US-29 and MD-175 provide exceptional access throughout Howard County, to I-95, I-70 and the surrounding metropolitan area. Little Patuxent Parkway, the extension of MD-175, links the location to the Mall in Columbia and surrounding commercial district. Nearby residential communities provide a dense, proximate consumer base for businesses of all types.

For more information about the area, please visit:
https://www.howardcountymd.gov/
&
http://www.downtowncolumbiamd.com/

BUILDING:
The Twin Knolls Professional Center is comprised of 4 two-story buildings constructed in the early 1980’s. The buildings contain 40 total units. Approximately 200-250 common surface parking spaces are in front of the buildings. Mature trees and landscaping surround the property, giving a casual, suburban feel to the professional complex.

5501 Twin Knolls Road is Building number 1 on the Twin Knolls Professional Center Condominium Plat. The two story building was constructed in 1981, according to public tax records, and features a brick facade, asphalt shingle and aluminum roof, three entrances and large windows.

IMPROVEMENT DESCRIPTION:
Commercial condominium – according to tax records the unit contains 1,588 square feet of gross unit area. The unit is located on the first floor, on the northeast corner of the building. Finishes include drywall, drop ceilings, commercial carpet and ceramic tile floors. The unit is arranged as follows:

Interior
Entry foyer (carpet)
Reception area (carpet)
Large office area (carpet)
Conference room (carpet)
Private offices (carpet)
Kitchenette
2 powder rooms (ceramic tile)
Storage Room
Utility closet

Mechanical
Trane high efficiency electric HVAC system
Electric water heater

ANNUAL REAL ESTATE TAXES:
Published annual real estate taxes are $3,730, based on a full value assessment of $269,900. Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information:
http://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

CONDOMINIUM FEES:
Twin Knolls Professional Center fees are $1,421.93 per quarter. Resale Package

Oakland Mills Community Association – Resale Documents

TITLE:
The property is in fee simple; sold free and clear of all liens.

TERMS OF SALE:
A $15,000 deposit, payable by certified check or cashier’s check, will be required of the Purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price by 11:00 A.M., Monday, October 30, at the Auctioneer’s office. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the Purchaser. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of contract to date of settlement. All adjustments, including taxes, condominium fees, utilities, all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of contract and assumed thereafter by the Purchaser. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the Declaration and Bylaws of the Twin Knolls Professional Center and Columbia Association. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. Purchaser waives any right of rescission under the Maryland Condominium Act, having received the condominium resale package in advance of the auction. If the Seller is unable to convey good and marketable title, the Purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the Purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the Purchaser. Time is of the essence.

NO BUYER’S PREMIUM