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Property Information / Re: Quinte West
« on: February 12, 2007, 01:07:10 AM »
Hey all, thank you for the comments and e-mails!
To answer Ion's questions, specifically in regard to Quinte West listing FN 07-04:
I found out about the Crown lien by doing an execution search on the owners name (I think this is what you refer to as a 'name search').
The property title search shows 5 executions on the actual record of title under the 'Property Description" heading at the top of the report.
A title search of the property and execution search of the owner are related, as far as my understanding goes, as follows: Any real property that you own may be subject to liens and collection enforcement caused by any court ordered award or settlement. This 'lien' lasts with the property under conditions of sale. This is why we almost always use a lawyer to close any real estate transaction. They can legally hold monies in trust until release of all interests in the title are effected.
Under a tax sale, any personal or commercial liens (such as a mortgage or court order) are wiped away while any Gov't ones are not.
What I am sure of: The Government does not loose in any tax sale. Their lien carries forward with the new title. A tax sale may even make the Governments lien a higher priority than before allowing them more leeway in enforcing collection. This means that after you have paid your hard earned $$ to a Municipality, the Federal Gov't could repossess the property right out from under you, legally, and sell it for fair market value. You would have no rights and the owness would be on you for taking title to a 'flawed property'. This is why lawyers earn their fee's. To help you avoid a situation like this from arising.
I am not going to put my hard earned dollars into a fire trap like this one.
Sure, you can negotiate with the Crown, but if their lien is for 800,000 or 1,000,000 million dollars today (after penalty and interest) and they can repossess the property after tax sale and sell it for fair market value (tens of thousands of dollars), why the heck would they take 2,000 from you to release their lien?
My 2 cents for what they are worth. I am disappointed as well as this vacant land looks great and would be worth owning. Just not under these circumstances.
I welcome any feedback if my understanding is incorrect.
Ken
To answer Ion's questions, specifically in regard to Quinte West listing FN 07-04:
I found out about the Crown lien by doing an execution search on the owners name (I think this is what you refer to as a 'name search').
The property title search shows 5 executions on the actual record of title under the 'Property Description" heading at the top of the report.
A title search of the property and execution search of the owner are related, as far as my understanding goes, as follows: Any real property that you own may be subject to liens and collection enforcement caused by any court ordered award or settlement. This 'lien' lasts with the property under conditions of sale. This is why we almost always use a lawyer to close any real estate transaction. They can legally hold monies in trust until release of all interests in the title are effected.
Under a tax sale, any personal or commercial liens (such as a mortgage or court order) are wiped away while any Gov't ones are not.
What I am sure of: The Government does not loose in any tax sale. Their lien carries forward with the new title. A tax sale may even make the Governments lien a higher priority than before allowing them more leeway in enforcing collection. This means that after you have paid your hard earned $$ to a Municipality, the Federal Gov't could repossess the property right out from under you, legally, and sell it for fair market value. You would have no rights and the owness would be on you for taking title to a 'flawed property'. This is why lawyers earn their fee's. To help you avoid a situation like this from arising.
I am not going to put my hard earned dollars into a fire trap like this one.
Sure, you can negotiate with the Crown, but if their lien is for 800,000 or 1,000,000 million dollars today (after penalty and interest) and they can repossess the property after tax sale and sell it for fair market value (tens of thousands of dollars), why the heck would they take 2,000 from you to release their lien?
My 2 cents for what they are worth. I am disappointed as well as this vacant land looks great and would be worth owning. Just not under these circumstances.
I welcome any feedback if my understanding is incorrect.
Ken