Messages

1

Questions and Answers / Re: Anyone know where Nova Scotia tax sales are advertised?

« on: June 05, 2007, 12:55:02 PM »

I would read the tax sales section of the Nova Scotia Municipal Act and regulations.  It will tell you in them where and how the sales must be advertised. 

2

Questions and Answers / Re: Crown Liens Owing

« on: May 08, 2007, 12:51:25 PM »

this is the wording on the bottom of all tender ads. 

Tenders must be submitted in the prescribed form and must be accompanied by a deposit in the form of a money order or of a bank draft or cheque certified by a bank or trust corporation payable to the municipality and representing at least 20 per cent of the tender amount. 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 Act. The successful purchaser will be required to pay the amount tendered plus accumulated taxes and the relevant land transfer tax. The municipality has no obligation to provide vacant possession to the successful purchaser.    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

so bid plus accumulated taxes

3

General / Re: Oshawa Property

« on: May 07, 2007, 11:59:47 AM »

The municipal goverment is not required to get fair market value.  It is only obligated to accept the highest bid.  in fact the difference between the minimun tender amount and the amount of the winning bid goes to the Public Guardian {or legal equivalent.}   

It takes 12 months from when the cancellation price or min. tender is set before the Municipal can set a tender date.  The Cancellation price or min. tender is the amount of back taxes and a small admin fee at the date of intial filing.  It could be much longer before the municpal actually sets the sale date,  so you will end up paying another year or two or three of taxes,  then land tranfer tax, GST unless the land has been sold once before as residence, any crown leins and an admin fee for getting and filing the tax to you.   All things you need to factor into your tender.

if you google Ontario Municipal Act and read the tax in arrears section it is pretty straight forward,  then read the regulation that the act provisions for.  You will be surprised how simple it is.

4

Questions and Answers / Re: How do you know what to bid?

« on: May 04, 2007, 08:55:40 PM »

You need to find the lowest amount which will make you the highest bid.  the municpal goverment is not required to get fair market value.  It is only obligated to accept the highest bid.  in fact the difference between the minimun tender amount and the amount of the winning bid goes to the Public Guardian {or equivalent.}   

Also don't forget that it takes at least 12 months for when the cancellation price or min. tender is set until  the tender date .  so you will end up paying another year or two or three of taxes,  then land tranfer tax, GST unless the land has been sold once before as residence, any crown leins and an admin fee for getting and filing the tax to you.   All things you need to factor into your tender.     

5

Properties for sale / Re: Tax Sale in Nova Scotia List

« on: April 30, 2007, 07:54:10 PM »

try googling Nova Scotia Gazette since Ontarios must be advertised in the ontario gazette.  it would follow that NS would have a similar paper.

6

Questions and Answers / Re: Niagara Property Liens

« on: April 23, 2007, 07:47:24 PM »

I take form your post, it was not lived in?

7

Property Information / Re: Toronto Sale

« on: March 23, 2007, 01:53:52 PM »

do we know what the crown lein is for, and how much?