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British Columbia Tax Sale Properties / Re: About British Columbia tax sale properties
« on: October 13, 2006, 04:48:12 AM »
Yes, all non-crown leins fall off the property title and have no claim after a property is sold in a tax sale. For example, if you buy a property that has an existing mortgage on it at a tax sale, you will not be paying off the mortgage. If however, there is a Revenue Canada lein against the property, you become the owner of the lein after buying the property - which is why you should due your due diligence (homework) BEFORE you send your 20% to the town as a deposit on a tender.
You want to check the title (a lawyer can do it for you for $50-60, or you can do it yourself on the computer. I think the website is listed somewhere on this forum. I usually call a lawyer friend, so I can't remember the name of the website. Second, you should do an writ execution check (2nd type of search) which you should also do through the website or your lawyer.
Then, and only then should you place your tender.
Hope this helps.
You want to check the title (a lawyer can do it for you for $50-60, or you can do it yourself on the computer. I think the website is listed somewhere on this forum. I usually call a lawyer friend, so I can't remember the name of the website. Second, you should do an writ execution check (2nd type of search) which you should also do through the website or your lawyer.
Then, and only then should you place your tender.
Hope this helps.