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Author Topic: Becareful of the Queen, she has a big lien  (Read 1013 times)
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Dave2
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« on: August 16, 2018, 04:57:41 PM »

For those people who bid on the big and other property in Prince Edward County in the hopes of founding a winery the following couplet applies:

Beware the power of the queen,
She can be very mean,
Especially with her big lien,
What may look to be a steal,
Looked to me to be a possibly bad deal,
Your last hope maybe with the church,
If you did not do a title search.
Other property bids in the county of the Prince
May also have reason to wince
But you don't have to take the words of a stranger.
Just Be careful you may also be in danger,
The risk may be found,
On or Under the ground


Personally as a result of my investigations I walked on Prince Edward County.  

Too risky for my blood to get a worthwhile resale price.
« Last Edit: August 16, 2018, 05:20:41 PM by Dave2 » Logged
bee
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« Reply #1 on: August 17, 2018, 10:59:48 AM »

Thank you for posting after the sale, so generous....
..and actually it's been deleted.... LOL

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Dave2
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« Reply #2 on: August 17, 2018, 03:06:24 PM »

Thank you for posting after the sale, so generous....
..and actually it's been deleted.... LOL

Your comments show both the risks and the rewards of a tax sale if you do your homework.

1.  Before the sale I checked local pricing and saw I could buy at least one local operating winery for under $400,000 which included more land then this
     sale. Obviously this unimproved raw land would be worth significantly less.  

2. Regarding your first line the majority of title searches in this business are done by one party who provides copyright material.  
    The problem everyone has if they post legal researches before the tax sale they can into the bad books of the copyright holder very quickly and are at
     risk for damages.

3.  I did the title search early and the legals showed a significant lien not too far less then $100,000 plus 7 years of unpaid interest.  Yes I know about
     the possibility of negotiation but it was a provincial lien not a CRA lien and I have no track record of how they operate in a negotiation and in fact
     the advice I got was once they get their hooks in they have no mercy.  With a lien of over $150,000 plus the winning bid you are paying close to  
     $300,000 for the property which is more then I think it is worth.

      For your information I personally have large acreage  a third larger then this tax sale and an hour closer to Toronto within walking distance of a boat
      launch of a lake on the Trent Canal system for sale and yes I did win it on a tax sale and paid less then half the winning bid for that one.  My current
      real estate price for it is $200,000 plus taxes.  

4.  I did not consider the lien could be paid off because why would the owner pay off a lien then lose the property to a tax sale of substantially lower
     amount then the lien.  As a result normally I would expect the property would redeem.  

5.  This one is over for me and it seems I might have been too cautious.   For cases like this the same legal service provider offers a followup service
      to check titles on the day of the sale.   In this case it would appear to be worth the investment.  Obviously if there is no lien the winning bidder
      got it at a good price and I tip my hat to the winning bidder.  I suspect a number of people contacted the ministry of Finance in Ontario and
      that is why the title was updated.  

6.   Live and learn and onto the next one.  You learn from your mistakes like possibly mine in this case.



    

      
« Last Edit: August 17, 2018, 04:12:25 PM by Dave2 » Logged
Matt
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« Reply #3 on: August 21, 2018, 09:47:17 AM »

Thanks for the follow ups, Dave.
The 80 acre vacant land in Prince Ed was up for tax sale 2 years ago, too.  
Then, I did title search and quickly gave up on it because of the liens.
I did not even bother with it this time.

Properties are either redeemed or have a high risk factor, so I turn my eyes to Cannabis stocks.
In a month and a half, the long prohibited recreational cannabis will be legal in Canada, and now I rather see the cannabis BULLISH market is about to break out..
« Last Edit: August 21, 2018, 06:42:00 PM by Matt » Logged
bee
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« Reply #4 on: August 29, 2018, 05:02:25 PM »

Prince Edward 80AC was redeemed after the bidder paid in full just few min before the land transfer completed. LOL
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pjdd
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« Reply #5 on: August 29, 2018, 06:39:08 PM »

 

Glad you think this is funny.... Roll Eyes Roll Eyes
« Last Edit: August 29, 2018, 06:51:47 PM by pjdd » Logged
mountainman
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« Reply #6 on: August 29, 2018, 07:29:25 PM »



Glad you think this is funny.... Roll Eyes Roll Eyes


I am Mountainman

This has happened to all of us

I have learned not to cuss,

You can ask the tax man

who ain't a Mountainman fan,

There is no deal

until the tax deed you feel,

Unless you're really keen

much occurs behind the scene,

So don't feel bad

many more have been had.

For I am Mountainman


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