"Arnold - Moorings on the Magothy"

Louis J. Weinkam, Jr., Attorney
1002 Frederick Road
Catonsville, MD 21228

GUARDIAN’S AUCTION
– $375,000 Suggested Opening Bid –

“Moorings on the Magothy”

WATERFRONT
TOWNHOUSE CONDOMINIUM
3 Bedrooms ◆ 3.5 Baths ◆ Garage

Sale On Premises
522 MOORINGS CIRCLE
Anne Arundel County, MD 21012

FRIDAY, DECEMBER 8, 2017
AT 11:00 A.M.

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

LOCATION:
522 Moorings Circle is located in the Moorings on the Magothy neighborhood in Arnold, Maryland. The community is located on the Magothy River at the northeastern tip of a peninsula known as South Ferry Point. The location is convenient to Ritchie Highway (MD-2) and College Parkway. Maritime facilities and businesses abound within close proximity.

For more information about the area, please visit:
http://www.aacounty.org/

COMMUNITY:
The Moorings on the Magothy community, or just The Moorings as referred to by residents, is a gated, waterfront community constructed in the 1980’s and 90’s. Amenities include a private pier, boat slips (for rent), swimming beach, tennis courts, walking paths and ample landscaping. There are approximately 80 homes within the neighborhood. Riparian rights are vested in the condominium association. Water depth along the community pier varies between 2-8′ (mean low water). Condominium fees are $395/month, and include the aforementioned amenities, insurance, water and landscape maintenance.

IMPROVEMENTS:
Three story split-foyer townhouse condominium unit with one car garage. Known as Unit 58, The Moorings on the Magothy, Phase II. According to public tax records, the unit was constructed in 1984, and contains 2,730 square feet of living area. The home features substantial views of the Magothy River and surrounding area, three bedrooms with en-suite baths, two decks, fireplace and sunny interior facilitated by the large number of windows and skylights.

Exterior
Brick facade and vinyl siding
Composition shingle roof
Vinyl-clad casement and picture windows
Skylights
Aluminum down spouts and rain gutters
Wood decks on the first and third floors

First Floor

• Kitchen – ceramic tile floor
  
• Powder room – ceramic tile floor
  
• Dining area – wood floor, wet bar, breakfast bar
  
• Living room – wood floor, wood burning fireplace
  
  

   

• Walk-out to rear deck
  

Second Floor

• Bedroom – wood floor, en-suite bath with shower/tub
  
  

   

• Master bedroom – wood floor, vaulted ceiling, master bath with jetted tub, shower and bidet
  
  

   

Third Floor

• Bedroom suite – ceramic tile floor, en-suite bath with shower/tub
  
• Walkout to rear deck
  

Lower Level

• Garage
  
• Laundry area
• Storage and mechanical area

Mechanical

• Electric heat pump
• CAC
• 200 amp electrical service
• 50 gallon electric water heater

The home needs updating and cosmetic repair.

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

TAXES:
Published annual real estate taxes are $5,730.62, based on a full value assessment of $560,367. Anne Arundel County annual refuse fees are $298/household.

TERMS OF SALE:
A $40,000 deposit, payable by 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 12:00 noon on Monday, December 11, 2017 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, 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, Bylaws, Rules and Regulations of the Moorings on the Magothy Condominium. Purchaser assumes the risk of loss from the date of contract forward. The purchaser agrees to waive the right of rescission under Maryland Condominium Law, having reviewed 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 except where otherwise mandated by local, State or Federal law. Time is of the essence.

No Buyer’s Premium!

Louis J. Weinkam, Jr., Guardian for
Alvin F. Towle