Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: Zander on July 01, 2008, 07:28:50 AM
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Hi everyone, I have an odd question.
What are the risks of buying a tax-sale property given you know the following circumstance:
1) A person dies leaving the estate to someone named in a will
2) The executor is...incapable... and does not complete the process. property remains in the estate
3) Property vacant for 10+ years
4) Next-of-kin apply to have a new estate trustee
6) Property Taxes are not paid eventually triggering tax-sale
7) meanwhile a tax-sale is still scheduled...
The title appears free and clear... can't find any leins etc
Is it likely the tax-sale will simply be cancelled and more importantly, are there really any added risks to purchasing the property at auction as a result of the above?
I don't know too much about liens but I wonder the implications of the tax authorities selling the property of a deceased in which the property should be disbursed by the trustee...
Alex
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Hi question, "you do the tile search looks good no lien, but can it appear after or just days from sale,
Yes. Do a title search as close as possible to the Sale and arrange for title insurance.
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An entry after the sale wouldnt stick as once the hammer falls you are the owner even though the deed isnt registered. The city put a notice on the property a year earlier and the sale is advertised in the gazette.
Any private one entered would be overridden by the tax sale. The only thing you have to worry about is the crown entering at the 11th hour but very unlikely they could enter one without an execution against the owner and that would already have shown up in your search.
Title insurance is not viable unless you want to pay for it without knowing you are a high bidder. Buying it after you are high bidder is simply a huge waste of money and serves no purpose.
After I win I simply rerun the title search and look for new entries before I make the final payment .