Messages

1

Property Information / Re: Trent Hills Garage Sale New - 3rd one this year

« on: August 29, 2009, 12:13:46 PM »

"3.  I was surprised at the highnest of bids in general given quality of property, amount of work
     and expense needed to do something with them especially if you wanted to resell them.  I will
    check next winter to see if we have a new ski resort opening.  If this is setting new norm I
    will have to decide whether I will sit the next bid out. 

    For some of them there is just no profit."

I too was surprised at how high the bids went. . . I really didn't think my bid on number 6 would be beat considering it is a site that floods every year!

2

Questions and Answers / Re: how to register for corporation and where I should go

« on: April 07, 2008, 04:19:56 PM »

You will need a good accountant and a good lawyer.  If you don't know one, ask your financial advisor, they should have a good referral of someone who deals with corps all the time.

3

Member Experiences / Re: I won one

« on: February 26, 2008, 09:50:50 PM »

I believe you should be very careful when doing your search on the owner.  Local rumour has it the quarry was closed once or twice for pollution issues.  Not sure how true the rumours are, but my understanding is that there may be environmental hazards on the property.  I was talking to one of the former employees of the marble quarry.

Also as a side note, much of the water table in that area has been 'somewhat polluted' from the Deloro mine only a few kms away.  Careful if you are planning on drilling a well, you should definitely have the water tested regularly.

4

Questions and Answers / Re: Saskatchewan and Other Provinces

« on: February 06, 2008, 05:40:09 AM »

Turns out the only advertising requirement for Sask. proprieties is to
a) advertise in the local paper and
b) post a list in the treasurer's office for a minimum of 60 days. 
It is no longer a requirement to advertise the list in the Gazette.

Guess that's what is making it so hard to find them.

If your are interested the procedure that is to be followed in Saskatewan for tax enforcement, it is:
http://www.municipal.gov.sk.ca/publications/pdf/munadvisory/guides/taxenfmanual06.pdf

5

Property Information / Re: Trent Hills properties

« on: February 01, 2008, 02:29:41 AM »

Did anyone here about the results of the sale?  I didn't bid, but I'm curious. . .

6

General / Re: Best way to finance a bid!!

« on: February 01, 2008, 02:01:08 AM »

You could possibly get preapproved for an unsecured personal line of credit.  You only pay interest on the balance owing.  So you can have your financing in place before purchasing and would have access to it when needed.  What others have said previously in this post is correct though; the best to purchase is without financing.  Keep in mind a personal line of credit for most first time borrowers is typically only around $10,000 so you won't have a lot of purchasing power.

7

Questions and Answers / Land Transfer Tax

« on: January 24, 2008, 02:15:54 AM »

Hi Guys,

First time posting, take it easy on me!  I've tried searching the forum, but I haven't really seen anything that answers this specifically.. . . I need a little bit of clarification, hopefully someone will take the time to help me out.

The following is quoted directly from Ontario's Ministry of Revenue's website:
"Every person obtaining an interest in land is liable to land transfer tax. The tax is calculated on the value of the consideration for the  transfer.  In certain circumstances the Land Transfer Tax Act (Act) deems the value of the consideration to be the fair market value of the land."

http://www.rev.gov.on.ca/english/taxes/ltt/

Typically do you have to pay land transfer taxes based on the fair market value or on the actual price paid at the tax sale?[/b]

I'm just trying to make sure I have all my t's crossed and i's dotted before I jump in.  I'm trying to find the right low cost property to build a 'green' cottage on.  I'm going to have huge building costs by establishing the cottage off the grid and want to save if possible on the actual land purchase.  I guess it's my Scottish ancestry coming through.

BTW, I would like to mention that this site has been truly informative.  Kudos to the creator and regulars who post.

Tammy