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General Discussion / Basic Procedural Questions
« on: December 16, 2011, 07:56:43 PM »
Hello All,
I have a couple of questions regarding the tax sale process in Ontario.
Assume the following: the minimum tender bid is $1,000, I bid $2,000 and this was the winning bid.
If the original owner pays off their taxes within the redemption period then
1) What is the interest rate that I will earn, in Ontario?
2) Does he pay interest on the $1,000 or the $2,000?
3) He redeems by paying off the taxes/costs he owes, which is $1,000, do I lose the other $1,000 or does the municipality return the full $2,000 to me?
Thanks everyone!
Take care,
The Hun.
I have a couple of questions regarding the tax sale process in Ontario.
Assume the following: the minimum tender bid is $1,000, I bid $2,000 and this was the winning bid.
If the original owner pays off their taxes within the redemption period then
1) What is the interest rate that I will earn, in Ontario?
2) Does he pay interest on the $1,000 or the $2,000?
3) He redeems by paying off the taxes/costs he owes, which is $1,000, do I lose the other $1,000 or does the municipality return the full $2,000 to me?
Thanks everyone!
Take care,
The Hun.