ONLINE REAL ESTATE AUCTION
$300,000 Opening Bid
BRICK TRADITIONAL HOME
– 0.19± Acre – 4 Bedrooms & 3 Baths – Garage –
314 LANARK WAY
Near Colesville Road (US-29)
Silver Spring, Montgomery County, MD 20901
FRIDAY, FEBRUARY 5, 2021
TUESDAY, FEBRUARY 9, 2021 AT 12:00 NOON
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.
314 Lanark Way is located in the Fairway Subdivision in the Silver Spring area of Montgomery County. Lanark Way runs off Colesville Road (US-29), providing immediate access to the Capital Beltway (I-495), Downtown Silver Spring, Washington, D.C., Maple Lawn and Columbia. Colesville Road and nearby University Boulevard provide excellent proximity to shopping, dining, and ample public transportation options. The Forest Glen and Silver Spring Metro Stations (Red Line) are both approximately 2 miles away, to the west and south, respectively. The neighborhood is comprised of traditionally styled single family homes constructed predominantly between the 1930s and 1960s. According to the Montgomery County Public Schools School Assignment Tool, nearby schools are Montgomery Knolls Elementary, Pine Crest Elementary, Silver Spring International Middle and DCC (Northwood) High.
For more information about the area, please visit:
Montgomery County, MD – www.montgomerycountymd.gov
Downtown Silver Spring, MD – www.silverspringdowntown.com
Montgomery County Public Schools – www.montgomeryschoolsmd.org
Lot size – 0.19 acre, according to tax records. Known as Lot 7, Block C, in the subdivision plat of “Fairway,” recorded at Montgomery County plat book 9, plat number 657.
Detached 1 car garage. Asphalt driveway (2-3 vehicles). Fenced front and rear yards.
All public utilities.
Zoned R-60 Residential
One and one-half story brick traditional home – constructed in 1936, containing 1,554 square feet of living area and 924 square feet of mostly finished basement space, according to public tax records.
First floor –
Second floor –
Basement and mechanical –
In fee simple; sold free and clear of all liens
Published annual real estate taxes are $4,785.80, based on a full value assessment of $383,600.
Purchaser acknowledges that it is the intention of the Seller to create an IRS Section 1031 Tax Deferred Exchange (the “Exchange”) and that the Seller’s rights and obligations under this Contract may be assigned to a qualified intermediary (the “Intermediary”) to be designated by the Seller to facilitate such Exchange. Purchaser agrees to fully cooperate with the Seller and Intermediary, at no additional cost of liability to the Purchaser, to enable Seller to utilize the contemplated Exchange.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $30,000 deposit, or ten percent (10%) of the Purchase Price (whichever is greater), in cash or cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer, by Tuesday, February 9, 2021 at 4:30 P.M. 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 8% 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. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. 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, including agricultural transfer tax, if any, 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!