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Announcements / Re: Dysart et al - large waterfront
« on: October 26, 2019, 04:06:12 PM »
241 238 251 275 200 235 252 and Dave2 there were 3 tenders withdrawn so maybe more over 200k
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Property Information / Re: Tiny, possible contaminated soil lot across landfill
« on: September 28, 2019, 12:13:57 AM »
It is on municipal water and for an added bonus there is a fire hydrant within 300 meters of the property. PFM and slick deserve gold stars for their wisdom.
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General / Re: I wish I could buy properties like this at tax sale
« on: August 11, 2019, 08:07:54 PM »
You can Dave2. The Texaco property where their ships docked on the easterly downtown Toronto waterfront actually went up for tax sale about 25 years ago. Yes, the minimum bid was about a million but it would have been a steal, even considering remediation. No one bid so it went to the City of Toronto. The property in your article sold for 30 million, but this tax sale waterfront property was easily worth 50 million, probably closer to 150 million today considering the proposed Cherry Street development.
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General Discussion / Re: Be Careful what you buy
« on: June 16, 2019, 12:06:54 AM »
Interesting Dave, but in Ontario it is even worse than in that article. Here a tax deed only conveys what is set out in the tax deed less anything that can be claimed by adverse possession by those two adjoining landowners. That is, he would not get title to the land on which the buildings sit. As to the mail box, he is probably out of luck there as well. Mailboxes of that type are normally constructed on the municipally owned road allowance. I have made mistakes like this myself and walked away with just a loss of my deposit. This is where Dave and my grandad disagree. Dave correctly says you should get your money in as soon as possible, whereas taking your time after the sale to do a very thorough investigation, and using a lawyer to close it with title insurance where applicable, is a contrarian strategy which also has merit. Either way, I agree, after you win the property is not a time to relax. Good post Dave.
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General / Re: Right of re-entry
« on: May 12, 2017, 06:19:57 PM »
In rural areas land for a church was often granted this way such that if the land was no longer being used as a church, the land reverted to the farm from which it was removed.
Thanks for that. Most of what I found dealt with landlord/tenant.
I still don't really know what it means. Is it possible the bank has taken the house and the owners still have the right to come up with the money they owe? I'm just looking for examples of what it could mean.
edit: Found it. There are 2 empty lots behind the house. When they build on those lots if they need some access to this property to do the build it has to be granted. An example was if they had to remove a section of fence to run service, they can do that and then they would remove the fence.
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General Discussion / Re: Do you want the good news or the bad news - Hamilton Township
« on: February 17, 2017, 07:06:16 PM »
Dave's post is probably the the best that I have seen in a long time. Bravo! The information is timely, informative, and actionable. We should all be so forthcoming with tax sale results. Yes, the property along with other lands sold for $3,600,000 but what was not mentioned was the fact that on the same day mortgages totalling $4,200,000 were placed on the property. The mortgage was then transferred on 1991/05/07 to the Toronto Dominion Bank, probably to someone's RRSP to suck funds out tax free. The TD Bank took no action which can only be explained by the fact that they were just facilitators for the RRSP. Dave talks about real estate bubbles bursting. Guess when the last one was? Yes 1990, just after this sale, and just before the transfer of mortgage (charge). I believe Banks and Trust Companies no longer allow this scam in case anyone just came up with a great way to colapse their RRSP tax free. It should also be mentioned that the assessment was too high since the house built in 1900 is now a tear down. Jayz also deserves thanks for his informative and interesting update to Dave's post.
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General Discussion / Re: Georgian Bay - Why is there always a conspiracy to cheat me of my winnings
« on: January 29, 2017, 02:32:40 AM »
LarasDad is certainly correct, but the answer to Dave's question as to whether or not to bid is still - No! Title is not the issue. The zoning is not the issue. Zoning is just a hurdle. Just because the zoning will allow a house does not guarantee that you would be allowed to construct one. Dave goes on to say in d) that it is high and dry with lots of frontage. He then lets you know in e) that it it is probably big enough for well and septic servicing. Dave is just too smart for most. He knows that you cannot build without being on a year-round municipally maintained road under that zoning. OTS makes it clear hat it is a private road. It is not on a lake. As the clever as Dave pfm1011 once pointed out, even with waterfront in Muskoka, the lake needs to have a marina, if you are not on a year-round maintained road. Each of the Muskoka municipalities has exceptions but none will even allow a hunt shack unless you have at least 25 acres. Dave is just testing you. He does not want this dwarf, even considering the correctness of the LarasDad rebuttal. I wager that the correct answer to Dave's question is still - No you should not bid?
Dave, do I get a beer, eh?
Dave, do I get a beer, eh?
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General Discussion / Re: Georgian Bay - Why is there always a conspiracy to cheat me of my winnings
« on: January 28, 2017, 06:30:35 PM »
No! You should not bid.
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Announcements / Re: City of Hamilton Results, and upcoming legislation
« on: November 30, 2016, 08:13:08 PM »
Does anyone have results for the Hamilton 73 acres please.
Regarding the new provincial money grab, the Province has already started a procedure in Toronto where the public trustee took all the excess proceeds from a property that I purchased. The public trustee then accepts applications from creditors, pays out, and then pockets the rest. What does this matter to us, you say? Well it does matter. There was a CRA lien on the property I purchased, no other encumbrances, and a couple of hundred grand left over after everyone is paid. The problem is the Public Trustee and province are slow, slow, slow. I cannot give clear title until the CRA lien is removed, and CRA will not remove the lien until they get their money in full plus accumulating interest, and I am now well into the second year of waiting. It is just getting more and more expensive to buy at tax sale. I recall several times buying undersized property at tax sale under the old Act, and then letting them go back on tax sale when I could not sell them. Then you could just show your deed and "certified abstract of title" to the treasurer who knew you because he sold you the property (I say "he" because back then all the treasurers were male). So within a few days of the sale you had your excess procedds of sale. Then under the new Act you had to make an application to court, and that could take a month or two. Then the procedure took over a year, even on unencumbered property. Now the province is going to be the one making the application. The moral is, do not buy anything with a government lien, or anything that even remotely resembles a government lien. Yes, even if the only claim is in the sherriff's bailywack, because you will be sitting with the property forever even if at the time of sale there appeared to be enough to clear the lien. The dilema as Dave2 mentioned is that just when you should lower your bid to cover new costs, you have to bid higher to get anything.
Regarding the new provincial money grab, the Province has already started a procedure in Toronto where the public trustee took all the excess proceeds from a property that I purchased. The public trustee then accepts applications from creditors, pays out, and then pockets the rest. What does this matter to us, you say? Well it does matter. There was a CRA lien on the property I purchased, no other encumbrances, and a couple of hundred grand left over after everyone is paid. The problem is the Public Trustee and province are slow, slow, slow. I cannot give clear title until the CRA lien is removed, and CRA will not remove the lien until they get their money in full plus accumulating interest, and I am now well into the second year of waiting. It is just getting more and more expensive to buy at tax sale. I recall several times buying undersized property at tax sale under the old Act, and then letting them go back on tax sale when I could not sell them. Then you could just show your deed and "certified abstract of title" to the treasurer who knew you because he sold you the property (I say "he" because back then all the treasurers were male). So within a few days of the sale you had your excess procedds of sale. Then under the new Act you had to make an application to court, and that could take a month or two. Then the procedure took over a year, even on unencumbered property. Now the province is going to be the one making the application. The moral is, do not buy anything with a government lien, or anything that even remotely resembles a government lien. Yes, even if the only claim is in the sherriff's bailywack, because you will be sitting with the property forever even if at the time of sale there appeared to be enough to clear the lien. The dilema as Dave2 mentioned is that just when you should lower your bid to cover new costs, you have to bid higher to get anything.
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Announcements / Re: Trent Hills results and upcoming legislative changes
« on: November 26, 2016, 04:41:29 PM »
Dave2, one beer it is. I think you may just be wrong this one time, since the Province is overspent. If the province is going to have an increase in the minimum sale amount eat into their new found revenue source you can bet they will put pressure on the municipaliities to justify and reduce charges. OTS is correct, the minimums will go down.
Most importantly you seem to be confusing the City of Toronto Act, 2006 with the Tax Sale Act that we are all familiar with. They are different, especially with respect to the excess proceeds and crown liens. Once again I have to agree with OTS. Tax sales will occur earlier and if you thought the redemptions just before the sale are high now, just wait, they will get even higher.
Dave2, please keep up the great job you are doing of posting the sheriff's sales - with tax sale properties going up earlier the redemption rate could be so high that Sheriffs sales become the better bet. At least with the Sheriff's sale a CRA lien is quantified and not hidding in waiting for an unsuspecting newbee.
Most importantly you seem to be confusing the City of Toronto Act, 2006 with the Tax Sale Act that we are all familiar with. They are different, especially with respect to the excess proceeds and crown liens. Once again I have to agree with OTS. Tax sales will occur earlier and if you thought the redemptions just before the sale are high now, just wait, they will get even higher.
Dave2, please keep up the great job you are doing of posting the sheriff's sales - with tax sale properties going up earlier the redemption rate could be so high that Sheriffs sales become the better bet. At least with the Sheriff's sale a CRA lien is quantified and not hidding in waiting for an unsuspecting newbee.
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Introduce Yourself / Re: Newbie - Please be gentle
« on: December 24, 2015, 04:21:21 PM »
Good grief! Tax sales are gambling, period. To buy at tax sale you need to have cash for the tendered amount, cash for the 13% HST that most municipalities are now adding, cash for the land transfer tax and adjustments, and lots of cash for repairs and rezoning. This reminds me of a story told to me by the municipality about the young couple from Pickering who bought the home in Wasaga Beach this fall without understanding the tax sale extra costs - one of these costs was installing underground hydro to the shack because it is in an area of the town where if hydro has been disconected then it must be converted to an underground service before reconnection is allowed. Big bucks. You can buy your first house with almost no cash these days, and very easy terms due to low interest rates for many years to come. Just last month Dumpster Dave2 picked up a property when the high tenderer lost everything and walked on his Trent Hills 20% deposit. A 100% loss. Gamble what you can afford to lose and treat it as entertainment. Invest in yourself. Cheers, and Happy New Year to you all.
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