Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: dave65432 on June 23, 2006, 07:13:10 PM
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are one of these available here on this messageboard? it seems like a lot of the questions are always similar, perhaps a basic guide would help a lot?
i have been looking into this since yesterday, so i'm not actually sure if any of this makes sense or not, but
1. check out advertised tax sales. so far i use this website (taxsaleproperty.org) and ontariotaxsales.ca. any other good places for ontario, by the way?
2. if you see something that looks interesting, go to your local registry office and do a title search. i saw the list of registry offices somewhere on this messageboard, and it seems like it costs about $10 to do this yourself. this will tell you if there are any outstanding debts on your property that you would be responsible for if you place a successful bid.
3. do an execution/sherriff's search on the person who previously owned the property, to make sure he doesn't have any debts (only to the crown, correct?), encroachments and i think there was one other thing. if the previous owner has these, you probably have to pay for them as well?
4. go drive out to wherever this place is and make sure there aren't any monsters or dinosaurs or anything on the property
5. follow the directions on the original ad regarding how to place a bid. i think you need to put down 20% and probably fill out some forms.
6. one year passes and if the previous owner hasn't paid up his taxes/what he owes, you suddenly find yourself a landowner/homeowner
yikes i'm sure that's fraught with inconsistencies and mistakes, but as a newbie i would definitely appreciated a corrected version of the above. as i do more research i'll try and post amendments, but obviously if the more experienced people here could fix my mistakes that would be awesome.
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As far as I know there isn't one currently going around. I do like your step by step guide. What I would suggest is moving step 4 to step 2 in order to save money on the search if the proprerty is not what you really want when you visit it.
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Im confused by step # 6, if you have the winning bid and pay in full. i dont think you have to wait a year