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Chapter: BIDDING




prior1

While speaking to the Treasurer of Municipality I am interested in, she told me that the minimum bid (did not include) (does not include) and I asked her what the extra fees there would be on top of the tendered amount  and she told me, advertising cost, of which she put three in I believe at a cost of $2400.00 per advertisement, plus approximately $1000.00 for legal fees, plus outstanding taxes.  Also GST on bid.  If this land is intended for a residential home, of which it is just empty land, is it exempt, as it is a legal building lot for a residential home.



I am really confused, after what the treasurer tokd me, and she was the treasurer.  Confused as  it states on this site that all of these cost  are  included in the minimum bid.



speedfreeksteve

That sounds very strange to me. My legal costs on a recent property were about $175 paid separately out of my own pocket to the lawyer that I chose. All of the other legal work such as registering the deed was done by a lawyer paid for by the municipality.



Other than that it was just GST and accumulated taxes.



Frank

I believe the Treasurer in this case is mistaken.  Reading the Municipal Act and Regulation it is clear that legal costs and advertising are to included in the cancellation price. 



The penalties and interests that are charges is a municipal act term for the late charges that are placed on outstanding taxes - usually 1.25% per month (but it can vary).  Of course additional taxes levied from the date of advertisement is simply to close the time gap and usually minimal.  The other charges they refer to are things like: week cutting charges; costs of by-law enforcement re: boarding up the building, etc... - don't forget we are talking about derelict properties, and other things can come up from the date of the advertisement to the actual sale and closing date. 



Definitely the ad and legal charges are in the cancellation price.  Most municipalities have a by-law which establishes a base rate for these things, and they are automaticaly added to the taxes owing when it is registered.  I don't believe that given the fact that there is only one property being advertised, and the cancellation price is only $3500 that these things have been included.  You will probably see this sale cancelled, and re-issued in a coupla months with a much higher cancellation price (probably closer to $10,000).



you could end up in court.  If you refused to pay the extras for advertising and legal if requested on the basis that they were supposed to be included in the cancellation price.  The Treasurer, could withhold your deposit on the grounds that you failed to close, or you close and pay the extra and you sue for it after (could cost you more for a lawyer than what you might get - so decide if it is worth it and write it off as a cost of doing business, and hopefully you still make a profit).  Or, the Treasurer could see the light and decide that closing with you would not be in the financial best interest of the Municipality - and cancel the proceedings, and start all over.   The final alternative, is the the Treasurer realises the mistake but decides that it would be wiser to just close with you and take the lump of coal - ie. write-off the mistake.










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