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Member Experiences / The municipality can cancel the sale
« on: September 24, 2005, 06:58:57 PM »
I found this out recently. The municipality to which I had sent a bid informed me just recently that they cancelled the sale of the property in question because it was "not in the financial interest of the municipality to continue with the proceedings of the tax sale." The underlying authorization of and for this decision, as stated in the cancellation letter from the municipality, came from Section 382, subsection 6 of the Municipal Act.
Voidable proceedings
382...
Treasurer may halt proceedings
(6) The treasurer may register a cancellation certificate if, in his or her opinion,
(a) it is not in the financial interests of the municipality to continue with proceedings under this Part;
This is what is says, folks - so if you're hoping to snap up a property at a ridiculously low price relative to its present assessed value, be aware that the deal is voidable by the selling municipality right up to the point where a formal offer to the winning bidder is extended, on the grounds specified above. That right is part of the Municipal Act, and the way it is worded makes "a high bid which is too low" an entirely legitimate reason for refusing to proceed with the sale.
Voidable proceedings
382...
Treasurer may halt proceedings
(6) The treasurer may register a cancellation certificate if, in his or her opinion,
(a) it is not in the financial interests of the municipality to continue with proceedings under this Part;
This is what is says, folks - so if you're hoping to snap up a property at a ridiculously low price relative to its present assessed value, be aware that the deal is voidable by the selling municipality right up to the point where a formal offer to the winning bidder is extended, on the grounds specified above. That right is part of the Municipal Act, and the way it is worded makes "a high bid which is too low" an entirely legitimate reason for refusing to proceed with the sale.