Ontario Tax Sale Property Forum

Tax Sale Forum => Questions and Answers => Topic started by: dogbone on December 14, 2006, 09:27:48 PM

Title: Can your deposit be more than 20% of the bid price?
Post by: dogbone on December 14, 2006, 09:27:48 PM

Can your deposit be more than 20% of the bid price? I know you don't want to be lower than 20% but are you allowed to deposit more, like any amount higher than 20 %.

Title: Re: Can your deposit be more than 20% of the bid price?
Post by: gap on December 14, 2006, 09:52:23 PM

Yes - the rules say 'at least 20%'.  Watch for rounding off and the decimal point...I always add a few dollars above my 20% just in case my calculator is off and I've missed it.   You could lose out for a fraction of a cent!   Better safe than sorry.

Title: Re: Can your deposit be more than 20% of the bid price?
Post by: RichD on December 14, 2006, 11:15:53 PM

You  could submit a check for 100% of your bid if you like. The down side to doing this is if you win and decide you  made a mistake and you don't want the property your out a lot more money then if you keep it to just over the 20% mark. Not a good situation either way but I'd rather risk loosing 20% of my bid then 100%. >:(

Title: Re: Can your deposit be more than 20% of the bid price?
Post by: Frank on December 15, 2006, 01:48:03 AM

Yes, you must submit 20% or more - make sure you are over a little bit.  But as RichD points out, don't go crazy.

Read the article posted on the forum at:   http://www.taxsaleproperty.org/Articles/Penny-Saved-Cottage-Lost.html