Ontario Tax Sale Property Forum

Sheriff Sales / Foreclosures => General Discussion => Topic started by: thehun69 on December 16, 2011, 07:56:43 PM

Title: Basic Procedural Questions
Post by: thehun69 on December 16, 2011, 07:56:43 PM

Hello All,

I have a couple of questions regarding the tax sale process in Ontario.

Assume the following: the minimum tender bid is $1,000, I bid $2,000 and this was the winning bid.

If the original owner pays off their taxes within the redemption period then

1)   What is the interest rate that I will earn, in Ontario?
2)   Does he pay interest on the $1,000 or the $2,000?
3)   He redeems by paying off the taxes/costs he owes, which is $1,000, do I lose the other $1,000 or does the municipality return the full $2,000 to me?
Thanks everyone!

Take care,

The Hun.

Title: Re: Basic Procedural Questions
Post by: Pfm1011 on December 17, 2011, 01:46:33 PM

Quote from: netpred on December 16, 2011, 08:30:46 PM

The system is unfair. I suggest that you do not bid. In fact, I suggest that nobody here ever bid again to protest this unfairmess :D.

I too will join in and support this worthy cause..Grab your tents ..I think there is a park in Toronto that has some space now

.ok everyone sing along

NO MORE BIDS    NO MORE BIDS