Ontario Tax Sale Property Forum
Sheriff Sales / Foreclosures => General Discussion => Topic started by: Dave2 on February 16, 2020, 08:45:47 PM
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If you think Georgian Bluffs was popular, this property looks like it could be the happy New Year's Eve party of Tax Sales this year especially
as mentioned in Cottage Life recently. https://cottagelife.com/realestate/cottage-real-estate-how-toronto's-boom-affects-cottage-prices/
Of course the municipality has decided to hold sale for a water access property only in late winter
when ice conditions start to deteriorate but this is not the only risk associated with this property.
Just a word of warning this property has some unusual potential title legal issues that I have never seen in a tax sale before.
Because of this I assume the legal community will call it the tax sale of the year and start rubbing their hands in anticipation of possible fees.
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The property seems to have an interesting history. I am very curious to see what happens with this one. Not just at the sale but in the years to come.
Dave2 - Care to divulge these potential title issues, or give a hint as to where we can go digging to better understand the issues?
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The property seems to have an interesting history. I am very curious to see what happens with this one. Not just at the sale but in the years to come.
Dave2 - Care to divulge these potential title issues, or give a hint as to where we can go digging to better understand the issues?
I am Mountainman.
Sometimes with a wife
it doth really last a life,
But why don't you spend a buck
and don't be such a cheap fu$@.
For I am Mountainman.
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Dave2 - Care to divulge these potential title issues, or give a hint as to where we can go digging to better understand the issues?
Mike:
the answer is NO. This is a tricky one and I have not decided if I am prepared "to pay to play" to bid on this one. As this situation does not come up often or if ever on a Tax sale I don't know how yet to assess the risk factor. What concerns me is that this is potentially an attractive property in in a highly attractive area which makes no sense to go to tax sale. Ask yourself why would a property like this go to Tax sale? if I decide to look at the property the key discussion will be between myself and my lawyer before I make a decision. I am not a qualified lawyer so I am going to avoid any potential liability on rendering an opinion.
Having just spent two months trying to sort out a regular title registration because the Municipality refused to transfer title without my lawyer being involved and which took the longest I have ever seen to get a winning bidder title registered maybe I am cautious. And no it is not potentially suicidal like that former dry cleaning factory currently up for tax sale in Guelph, but it is definitely one that be prepared to spend (significant??) coin with a lawyer who knows what they are doing before you make a bid. Remember if you want to get expensive shoes made out of alligator hide, someone has to convince the alligator to give up his hide first.
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Guelph.... Think of all the money you can make mining all the trichloroethylene, Carbon tetrachloride, Perchloroethylene, kerosene , varsol ...
It this sort of forward thinking that will help you succeed in the tax sale game ...... :D
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Treasurer spoilsport. We were looking forward to a big party. >:(
https://www.ontariotaxsales.ca/nc/upcoming-ontario-tax-sales/featured-properties/single-property/?tx_stwtaxsalesproperties_pi1%5Bpuid%5D=9428&tx_stwtaxsalesproperties_pi1%5BTSuid%5D=2382&tx_stwtaxsalesproperties_pi1%5BbackPid%5D=78
Question: Does anyone know the record number of bidders for a tax sale?
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grandpa would have been very disappointed if he lost the property at a tax sale
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This could have been a record-breaker. Dave's fear-mongering scared a lot of them away. ;D
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I'm not sure it was fear mongering, Stephen owes the Queen a big hunk o' cake. :o This would have been a very expensive mess for the high bidder.
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There were more issues on this one than the crown liens.
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This could have been a record-breaker. Dave's fear-mongering scared a lot of them away. ;D
Jayz:
I don't fear monger without cause. We will never know for this round. Have to wait to see if there is a round 2. For the others who did not spend their money there were at least a couple of big issues with this one.
a) As commented elsewhere a number of material CRA claims as noted by Elvis. My estimate was a six hundred thousand plus dollars including bid, minimum exposure would be needed. I don't keep that hunk of change sitting around. Maybe that is why some people I know of attract beautiful Chinese girls.
b) The second one is an unusual title situation where you could own the property but not have use of it because of a life interest agreement on title. Whether this gets swept away on a tax sale I got conflicting advice and decided not to spend the money to resolve the situation.
In principal I dislike throwing large sums of money at a single throw of the dice. I will let the big punters on the board go after the snow whites and I will stick to the seven dwarfs.
Too bad would have made an interesting bid meeting. Love to be a fly on the wall when the treasurer opened the mailed in bids to return the deposit checks.
This one also required unusual information searching to get initial clarification of some of the risks involved. I am not prepared to disclose the particulars of that unusual research in the public domain.