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REAL ESTATE AUCTION
– To The Highest Bidder Over $45,000 –
“Venice On The Bay”
Zoned R2 Residential
– POTENTIAL WATER VIEWS –
Sale On Premises:
7642 LAKE DRIVE
Off Arundel Road
Pasadena, Anne Arundel County, MD 21122
THURSDAY, MAY 9, 2019
AT 2:00 P.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.
7642 Lake Drive is located in the Pasadena area of northern Anne Arundel County. The property is within the Venice On The Bay subdivision. Surrounding communities include Rockwood Beach, Paradise Beach and Hampton Chase. Fort Smallwood Park is approximately one mile north. Venice On The Bay is a water privileged community featuring a boat ramp, sandy beach and community center. The community sits where the Patapsco River meets the Chesapeake Bay, offering stunning views and recreational opportunities. MD-100 is approximately 4 miles southwest, offering commuter access to Ritchie Highway (MD-2), I-97 and I-95. According to the Anne Arundel County Public Schools location tool, nearby schools are Fort Smallwood Elementary, Chesapeake Bay Middle and Chesapeake High.
The property sits opposite a large pond referred to as Lake Venice on the Venice on the Bay Plat, and Hines Pond on County maps. The site offers an opportunity to build a home with water views of the pond and across the bay.
Clear, mostly level lot 100′ x 150′, comprising 15,000 square feet, or 0.344 acre
Known as lots 144, 145, 146 and 147, Section B, on the Plat of Venice on the Bay, recorded at plat book 1, page 38. Plat
Zoned R2 Residential. New well and septic would be required. Anne Arundel County Health Department Letter
Current annual real estate taxes are $1,838.78 based on a full value assessment of $134,200. 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:
In fee simple; sold free and clear of liens.
Please see the contract of sale for complete terms.
A $5,000 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 within 24 hours at the Auctioneer’s office. Deposit funds shall be held by A. J. Billig & Co., LLC. 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, 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. Purchaser assumes the risk of loss from the date of contract forward. 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