Ontario Tax Sale Property Forum
Tax Sale Forum => Announcements => Topic started by: Dave2 on October 24, 2015, 06:21:25 PM
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PFM / Frank:
You guys are smarter then me. Is the way she wants to do it
Payment in full at time of auction? legal?
Also what about second place bidder?
Sale of Land by Public Auction
Ventes de terrains par appel d?offres
MUNICIPAL ACT, 2001
SALE OF LAND BY PUBLIC AUCTION
THE CORPORATION OF THE CITY OF MARKHAM
TAKE NOTICE that the land described below will be offered for sale by public auction at 10 a.m. local time on the 3rd day of December, 2015 at the City of Markham Municipal Office, 101 Town Centre Blvd., Markham.
Description of Land(s):
Roll No. 19 36 010 021 11200 0000; 116 Clark Ave N/S, Markham; PIN 03022-0149(LT); Lot 53 Registrar?s Compiled Plan 9767 Markham; S/T MA48808; City of Markham; File No. 13-78
Minimum Bid: $44,961.69
All amounts payable by the successful purchaser shall be payable in full at the time of the sale by cash or money order or by a bank draft or cheque certified by a bank or trust corporation.
Minimum Bid: $44,961.69
All amounts payable by the successful purchaser shall be payable in full at the time of the sale by cash or money order or by a bank draft or cheque certified by a bank or trust corporation.
Except as follows, the municipality makes no representation regarding the title to or any other matters relating to the land to be sold. Responsibility for ascertaining these matters rests with the potential purchasers.
This sale is governed by the Municipal Act, 2001 and the Municipal Tax Sales Rules. The successful purchaser will be required to pay the amount bid plus accumulated taxes, HST if applicable and the relevant land transfer tax.
The municipality has no obligation to provide vacant possession to the successful purchaser.
For further information regarding this sale, contact: www.markham.ca or if no internet access available, contact:
Miranda Miluzz i
Manager of Tax and Cash Management
The Corporation of the City of Markham
101 Town Centre Blvd.
Markham ON L3R 9W3
(905) 477-7000 Ext. 4726
mmiluzzi@markham.ca
PLEASE NOTE:
Tax Sales are not typical real estate transactions. If you are considering participating in a tax sale, it is highly recommended that you seek independent legal advice from a lawyer licensed to practice in Ontario and in good standing with the Law Society of Upper Canada.
In addition, it is not permitted to enter upon a property that is advertised for tax sale. These are not typical real estate transactions. Entering upon a property advertised for tax sale proceedings is considered to be trespassing.
(148-P345)
NOTE THE TIME OF DAY. NOT NORMAL TIME.
I wonder if the treasurer will get mad at me if I offer to pay in Nickels ;D
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Municipal Act, 2001 stipulates an immediate full payment by the winner in a Public Auction as follows:
<"The highest bidder shall be declared to be the successful purchaser if the bidder immediately pays the amount bid, the applicable land transfer tax and the accumulated taxes, in cash, to the auctioneer." O. Reg. 181/03, s. 16.>
...
Secondly, unlike the tendering process, the Act does not state what time a tax sale auction should take place.
Therefore, it is deemed that the auctioneer or the treasurer has flexibility to set the opening time that is convenient for all.
Cheers.
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Municipal Act, 2001 stipulates an immediate full payment by the winner in a Public Auction as follows:
<"The highest bidder shall be declared to be the successful purchaser if the bidder immediately pays the amount bid, the applicable land transfer tax and the accumulated taxes, in cash, to the auctioneer." O. Reg. 181/03, s. 16.>
Secondly, unlike the tendering process, the Act does not state what time a tax sale auction should take place.
Therefore, it is deemed that the auctioneer or the treasurer has flexibility to set the opening time that is convenient for all.
Cheers.
Thanks Matt:
We will have to wait for the rules of the auction to see the details of payment. Obviously the treasurer does not expect a redemption
if they are going to the cost of setting up an auction, that is why I wonder if it is a surplus sale not a usual tax sale.
The reason for the time was a heads up as you can get into a rutt in this business especially as because of redemptions you can tend to leave everything to the last minute.
Also us poor country boys don't tend to keep several hundred thousand in cash sitting around and it is a world of difference if we have 2 weeks to come up with the 80% then immediate. Also remember you may need extra cash if the auctioneer charges a buyers premium.
What I really hate about it is it destroys your dreams as now I have to stick to conventional real estate selling. I can't spend the winter in the Carribean as I was offered this recently for one of my (former tax sale) properties. (It even has the right name - see photo). (Boss would veto it anyways because she knows what qualifications I would seek for my deck crew) :'(
10.00 am also means Toronto rush hour. For me I am going to pass on this one as there is lots of other stuff out there. I just hate all the driving especially now with the shortening days.
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Did you Google the address?
There is a small plaza with unit number 120. Next to the parking lot is a row of trees. Next to the trees is house number 114.
Seems a high minimum for a few trees.
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Couldn't edit my post.
I found a document that shows the property. It is the strip of trees between a house and a mall, but includes a larger stand of trees that run behind 4 houses and backs onto a park. There's a creek running through the property too.
Just me sleuthing. I know it doesn't really have anything to do with the original question.
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I found a document that shows the property. It is the strip of trees between a house and a mall, but includes a larger stand of trees that run behind 4 houses and backs onto a park. There's a creek running through the property too.
Paris:
The originator of a post can modify it by hitting the "modify"
button at the top right of your original post. This only appears on the originators page.
I didn't look at quality and specifics of this sale because it is way too early to consider it even if I were interested in it given the high amount of redemptions. I was just pointing out implications for bidding which are considerable especially compared to provinces like Nova Scotia where you have a little more time to pay.
I talked the implications with my bank and they are notibly unenthusiastic to supply large amounts of cash. We will see if this is a one off or a beginning of a trend.
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I used to live a few houses away, sometimes walk through beside the strip plaza, now I know through this very property. Never thought this was "private" but part of the school behind or part of the plaza. There is a public warning sign of poison ivy or giant hogweed beside that very pass on the property. Like how it was mentioned in one of previous posts, there is a creek running through the entire property "ending" at the very front where it goes under ground across the street shielded with a steel structure on top. It would be interesting to know how anyone could use this property for anything, although it is zoned residential. The reason the city treats this property differently from others is also interesting. Does anybody have a theory?
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I looked at a similar property near Brant County. I think it had an old rundown house on it, but the property was very deep and there were 5 or 6 very nice houses that abutted the side of it. At the time I wondered if it could be severed into pieces and sold to those 5 or 6 property owners to make their lots bigger.
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I looked at a similar property near Brant County. I think it had an old rundown house on it, but the property was very deep and there were 5 or 6 very nice houses that abutted the side of it. At the time I wondered if it could be severed into pieces and sold to those 5 or 6 property owners to make their lots bigger.
Paris:
This is a devil is in the details issue.
You want to avoid to falling prey to the municipality classifying that you are doing a subdivision. (greater then 2 lots, with the large number of severances this may apply.)
Ideally you can classify it as a lot line adjustment that the municipality treats more kindly but again the large number of lots may cause a problem. Locally in my neck of the woods you are generally restricted to a maximum of 2 severances.
In my question I was more worried about the general public at large and the general tendacy to try and classify all waterfront probperty as having public access in some circles.