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Borough Administration

(973) 593-3038
50 Kings Road
Madison, NJ 07940 (map)

10 Maple Property Sale

PROPERTY FOR SALE.

On October 18 at 10am, The Borough of Madison will sell the 10 Maple Avenue property at auction.

 

THE FOLLOWING 3 BULLET ITEMS WERE ADDED ON 10/16/12
1) Bidders are encouraged to arrive at 9:30am or before to register.
2) Bidders must have a photo id (passport or valid drivers license) to register to bid.
3) The winning bidder will sign a binding contract (see below contract) immediately following the auction.


For more information or to schedule a tour of the building, please contact Jim Burnet at burnetj@rosenet.org.

Registration of auction participants will start at 9am on October 18.  Please read the Notice to Bidders, Contract and other documents below.

Click on the below text for additional reports and documents:

Title Report 
Floor plans: First | Second | Attic
Survey and Sub-division
Resolution to Sell Property
Notice to Bidders
Contract
License Agreement:  At closing the Borough will execute a License Agreement to permit the owner to park up to two vehicles in designated spots in the municipal parking lot that adjoins the property.

THE FOLLOWING PARAGRAPH/INFORMATION WAS ADDED ON 10/9/12:
The abandoned monitoring well on the front lawn of the 10 Maple Ave property was installed as a control well located the farthest of several monitoring wells from multiple underground storage tank removals which took place in 1991 in the rear vehicle area of the Hartley Dodge Memorial Building at 50 Kings Road.  Sampling within the 50 Kings Road project continues whereas the remote wells have outlived their usefulness and have been abandoned by a licensed well driller in conformance with applicable NJDEP regulations.

The property will be available for drop in tours on the following dates:

Saturday, October 6 from 1:30pm – 3pm
Tuesday, October 9 from 5pm – 7pm
No reservation is required.

 10 maple floor plan

1                    The property will be sold to the highest qualified bidder at auction on October 18, at 10a.m. at the Court Room on the first floor of the Hartley Dodge Memorial Building, 50 Kings Road, Madison, NJ.

2                    All bidders must be present at the auction, in person or by an authorized representative.

3                    Bidders are advised to arrange any financing in advance as a contract must be signed by the successful bidder immediately following the auction, with no contingencies.

4                    Within one hour of the conclusion of the auction, a deposit in the form of a bank check or certified check in the amount of Twenty-five thousand dollars ($25,000) must be provided by the highest bidder.

5                    The Mayor and Council will review the matter at the next scheduled Council meeting and may approve or reject the bid.

6                    The property is being sold “as is”.  Under Resolution 58-2012, the Governing Body of the Borough of Madison authorized that the property be auctioned to the highest bidder, with a minimum bid of $200,000.

7                    The Buyer should examine the form of contract for sale provided by the Borough of Madison, which contract shall be signed by the successful bidder at the conclusion of the auction.  The contract contains requirements of the Buyer that will survive closing of title. 

8                    The Borough of Madison reserves the right to request verification of financial ability of the successful bidder to purchase the property.

9                    The Deed will contain a restrictive covenant limiting the use of the property to a one family residential dwelling.