Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: CountryBound on June 05, 2007, 01:59:24 AM
-
Hello All,
This is my first time posting on this board and I am happy to have found such a wonderful resource!
I am very new to tax sales and have just begun to research all that is involved. I have read through a fair amount of archives on this site but have not found an answer to a question that has been on my mind: Is is possible to go directly to the owner of a property that's for tax sales and offer to buy it from them (avoding the whole tender process) and pay the remander of the back taxes to the municipality? Or, does the municipality take ownership of the property and not allow this kind of deal? I'm a little confused because I know the owner has up until the deed is signed by the winner to pay their taxes and redeem their property...so technically they must still own it?
I would appreciate your input as I am very curious about all the details and find this whole process very facinating and exciting.
It has always been my goal and desire to live in the 'country' and own a small farm and I am determined to find the right property for my husband and I...I'm hoping that if I research enough and am persistant that eventually it will pay off.
Regards :)
AP
-
Yes, it requires an extremely quick closing and usually a cash deal. It is done, and it is one of the reasons that tax sales get cancelled. If you do it, we will all be pretty upset with you. 8)
-
Hello All,
This is my first time posting on this board and I am happy to have found such a wonderful resource!
I am very new to tax sales and have just begun to research all that is involved. I have read through a fair amount of archives on this site but have not found an answer to a question that has been on my mind: Is is possible to go directly to the owner of a property that's for tax sales and offer to buy it from them (avoding the whole tender process) and pay the remander of the back taxes to the municipality? Or, does the municipality take ownership of the property and not allow this kind of deal? I'm a little confused because I know the owner has up until the deed is signed by the winner to pay their taxes and redeem their property...so technically they must still own it?
I would appreciate your input as I am very curious about all the details and find this whole process very facinating and exciting.
It has always been my goal and desire to live in the 'country' and own a small farm and I am determined to find the right property for my husband and I...I'm hoping that if I research enough and am persistant that eventually it will pay off.
Regards :)
AP
A thought on this procedure. Wouldn't it be a scarry gamble and doing it by cash with the owner. How do you know the owner will pay the taxes owing on the property and keep your cash, or would you have a lawyer handle this or write up an agreement between you and the owner and a witness and trust the owner to pay outstanding taxes, or would you go with the owner and pay the taxes and then go to the lawyer and like Frank said, it would have to be done quickly and would be upseting to people tendering on the property.
-
Yes, it requires an extremely quick closing and usually a cash deal. It is done, and it is one of the reasons that tax sales get cancelled. If you do it, we will all be pretty upset with you. 8)
New here but my thoughts:
A thought on this procedure. Wouldn't it be a scarry gamble and doing it by cash with the owner. How do you know the owner will pay the taxes owing on the property and keep your cash, or would you have a lawyer handle this or write up an agreement between you and the owner and a witness and trust the owner to pay outstanding taxes, or would you go with the owner and pay the taxes and then go to the lawyer and like Frank said, it would have to be done quickly and would be upseting to people tendering on the property.
-
Yes, it requires an extremely quick closing and usually a cash deal. It is done, and it is one of the reasons that tax sales get cancelled. If you do it, we will all be pretty upset with you. 8)
New here but my thoughts:
A thought on this procedure. Wouldn't it be a scarry gamble and doing it by cash with the owner. How do you know the owner will pay the taxes owing on the property and keep your cash, or would you have a lawyer handle this or write up an agreement between you and the owner and a witness and trust the owner to pay outstanding taxes, or would you go with the owner and pay the taxes and then go to the lawyer and like Frank said, it would have to be done quickly and would be upseting to people tendering on the property.
Have you ever purchased real estate? Of course you have your lawyer do a due diligence routine on it - but quickly, and the back taxes get paid by him on closing as part of the deal. A 'Cash deal' is simply one that has no conditions and is firm right from the get-go - it does not mean handing someone a wad of cash, even your deal deposit would be by cheque made out to the vendor's lawyer. 8)