Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: prior1 on June 12, 2007, 01:56:13 PM
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Need help on clarity of minimum tender
Never purchased property before, and never purchased tax liens as yet either.
I read that you have to pay any taxes that have accumulated since the original calcualtion for the tax sale was done for the listing.
From what I understand the minimum tender is the amount of taxes presently owing on the tax, sale and also any accumulated taxes.
So it is said in the tender, that you put in your minimum tender and that you are responsible for paying your minimum tender plus taxes.
Now if you bid, say if the minimum tender is 2000.00 which I assume are the taxes are owning and you bid 5000.00, what happens to the extra funds that are on your bid, after accumulated taxes, and fees by the municipality.
Are all oustanding taxes taken from the minimum amount tendered along with any fees and then again what happens to the rest, if any left over.
Thank you
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Maybe I'm not reading your question right but you seem to be concerned about what happens to the extra money above and beyond the minimum bid.
The answer is that the municipality keeps the extra money.
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Maybe I'm not reading your question right but you seem to be concerned about what happens to the extra money above and beyond the minimum bid.
The answer is that the municipality keeps the extra money.
Not quite right Speed. The Municipality must pay any excess proceeds from the sale into court. Then any interested parties (former owner, or lien holders) can go there ask the judge for a share of the money. If no one claims it after a year, then the municipality has the right to go back to the judge and ask for it. They do not get to keep it automatically.