Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: jfinlay01 on January 25, 2007, 09:48:37 PM
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Hi... the ads state "The successful purchaser will be required to pay the amount tendered plus accumulated taxes and the relevant land transfer tax." I am lead to believe the minimum tender quoted then, does not include the back taxes??
Can someone clarify?
I thought the min. tender included back taxes, late fees and interest. If not, then how is min. tender calculated?
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It doesn't include those amounts. I can't speak to how they come to the min. figure but it seems like whatever figure the property is at least worth to them.
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Probably any accumulated back taxes that have been added on to the total taxes owing since the time that they calculated what was owing. Could be months since the calculations were done till the actual sale.
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The minimum is based on the taxes owed when the tax certificate gets registered, with additional amounts for tax accrued until the time where the ad is placed in the community newspapers for the prescribed period of time. LTT can be calculated by checking the various calculators including the one on the website www.canadianfinancialfreedom.com. There are also websites of real estate lawyers that have a LTT calculator on them. The additional amounts are taxes and interest accruing from the date of the advertiising and tender package creation to the date of the sale. It's usually not a lot of additional money as the sales are 4-6 after the ad is placed.