Ontario Tax Sale Property Forum

Sheriff Sales / Foreclosures => General Discussion => Topic started by: cm777 on March 07, 2010, 11:54:37 PM

Title: Does the current owner of the home make any money from the winning bid?
Post by: cm777 on March 07, 2010, 11:54:37 PM

Hi everyone,
Anyone know the answer to my question? Once a bid is won and the new owner pays the municipality the full tender amount (by winning bid) and gets transferred to his name, does the previous owner get anything or is he left with zero?

thanks.

Title: Re: Does the current owner of the home make any money from the winning bid?
Post by: netpred on March 08, 2010, 02:10:27 AM

I think that the following applies:

Anything above the total owing is paid into court. The registered owner has one year to claim the amount. If he/she does not come forward, the municipality can claim the amount.