410 546 2425
WATERFRONT PROPERTY FOR AUCTION
THIS 26,353 SQ FT WATERFRONT LOT WITH AN EXCEPTIONAL VIEW WILL BE AUCTIONED ON SATURDAY, APRIL 6.
This property features beautiful views of Turville Creek & Glen Riddle Golf Course. With a large waterfront yard, this property is only a short distance from Ocean City Inlet and is surrounded by several golf courses. Ocean Downs Casino & Race Track is only one mile away!! There is piling for a dock, a private boat ramp and a very rare boat house in Worcester County complete with a large room on the back. This unique property is located in a great Blue Ribbon School District. Worcester County Tax Map 21, Parcel 20
WATERFRONT REAL ESTATE
TO BE AUCTIONED
SATURDAY, APRIL 6 @ 10:00 AM
11812 GUM POINT ROAD
PROPERTY OPEN FOR INSPECTION:
THURSDAYS, MARCH 28 & APRIL 4 -3:00 PM TO 5:00 PM
For private showing call 410 546 2425
**Due to the extreme renovations needed for the home located on the property, the Estate is crediting $18,000 to the new owner for demolition, if desired.**
TERMS. 5% Buyer’s Premium $25,000 down day of auction in cash, Certified Check or Cashier’s Check. The remaining balance to be paid within 45 days. Time is of the essence. Credit portion to bear interest at the rate of 0% per annum from the date of sale to date of settlement, and to be secured to the satisfaction of the undersigned, or to pay the full purchase price at the time of sale, at the option of the purchaser. If not settled within 45 days interest shall be charged at the rate of 15% per annum from the date of sale to the date of settlement. In the event settlement does not occur before 75 days, the down payment shall be considered forfeited and the property will be resold at the expense and risk of the purchaser. The resale of the property does not limit the seller to further avail themselves of any additional legal or equitable remedies resulting from the failure to consummate the purchase. State and County and municipal taxes and assessments to be adjusted as of the date of the sale. All Title papers, documentary stamps, recording costs and any and all other costs which shall be deemed necessary to transfer the title of the property and put the deed on record shall be at the expense of the purchaser. The purchaser assumes the payment of the Agricultural transfer tax, if any. In the event a survey or an Alta survey is necessary for the buyer to go to settlement, the cost of this survey shall be at the buyer’s expense and the buyer will be held responsible to go to settlement within the terms and conditions of the sale. The seller will convey good and marketable title or such title as can be insured by a title insurance company licensed in the State of Maryland. In the event the title insurance company charges a special premium, that cost shall be borne by the seller. In the event a good & marketable title or special insured title cannot be delivered the seller(s) shall have 90 days from the date of notification from the buyer to correct the flaw. If the flaw is not corrected the only recourse of the purchaser shall be the return of the down payment and the seller and the auctioneer shall be held harmless. Any and all other cost of settlement and transfer of the title shall be paid by the buyer. This property is being sold in “AS IS” condition. Neither the sellers nor the Auctioneer shall accept any responsibility for any Municipal, State or Federal Environmental Violations, to our knowledge none exist at this time. The Seller makes no warranty of any kind whatsoever regarding the physical condition, physical description or suitability for a particular or general purpose, either expressed or implied. The Seller may reject any and all bids, however, it is the intent of the Seller to sell said property. The auctioneer reserves the right to deny a specific individual or group the right to bid. All information in this ad has been obtained from sources deemed to be reliable. However, neither the sellers nor the auctioneer accept any responsibility for any inaccuracies. The Buyer will be required to sign a contract of sale. The amount of the contract shall be for the bid price plus the buyer’s premium. This amount will become the purchase price. The buyer shall also be required to sign a confessed judgment note for the amount of the purchase price less the down payment. The contract and note shall be signed personally by the Buyer, unless the Seller and Auctioneer agree to a different arrangement prior to the sale. The Buyer may sign the contract note personally as well as Corporately, LLC or Partners. Each entity shall be responsible for the full amount of the debt. Purchasers may reassign the contract, however, reassignment does not release them from liability. This property was built before 1976 and may contain lead paint. Purchaser may conduct a lead paint test at their expense prior to the sale.
Following the auction sale, the successful bidder will receive an $18,000 reduction from the full purchase price bid in order to demolish the home located on the property to maximize the redevelopment potential time in accordance with Worcester County Government Regulations.