Ontario Tax Sale Property
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Chapter: OTHER TAX SALE PROPERTY SALES
Raz
I'm looking at tax and sheriff sale properties and want to make sure I have everything straight.
Tax Sale:
- property is sold by municipality/region for non payment of taxes
- minimum bid is based on the outstanding taxes (i.e. owe $2000 in taxes, minimum tender/bid is $2000 + selling costs)
- vacant possession not guaranteed
- other liens/mortgages may be in place against property which would become the responsibility of the winning bidder[/li]
Sheriff Sale:
- property is seized from owner by sheriff and auctioned to public to pay debts
- no minimum bid
- vacant possession no guaranteed
- other liens/mortgages may be in place against property which would become the responsibility of the winning bidder