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Questions and Answers / Re: Execution Search Results

« Last post by Pfm1011 on June 22, 2022, 10:23:53 PM »

sorry about slow response...the generic answer is no...but since you had to ask you should pay ontariotaxsales or tri-target in the future.

Questions and Answers / Execution Search Results

« Last post by scarferitchiegroup on June 13, 2022, 05:05:20 PM »

Hi everyone, this is my first tax sale transaction so I need some help from the gurus here. I've just done an execution search and two results have come up, the first is approximately $15,000 and the creditor is a law firm. The second is approximately $100,000 and the creditor is an individual person.

These are alarming given the price tag on them. I don't intend to bid anywhere near that amount nor would I be capable of paying them off if they apply.

I know on most tax sale sites it says only executions "in favour of the crown plus some other interests" would be my responsibility after closing. Does anyone know what those other interests are?

Do you think I'd be responsible for 1 or both of these executions?

Thanks in advance everyone

Cheers

General / Brock result

« Last post by Pfm1011 on June 05, 2022, 03:34:15 PM »

The win was 800k ....which decimated me by more than double.... does anybody know the top five or 10 Bids?

Yet again my Massey has no home..

Announcements / Toronto Tax Sale

« Last post by Rob on June 03, 2022, 09:02:06 PM »

The big Toronto property tax sale is posted this week. From my memory of past sales within Toronto, this seems to be the biggest. The minimum bids are quite high (a million) aside from a few places with environmental issues. Be careful bidding on any of properties with environment issue if this is your first tax sale.

General / Re: Interesting bid

« Last post by Dave2 on May 28, 2022, 10:40:47 AM »

Love to see a winning bid at this level in Markham

Schreiber I can understand it.

General / Interesting bid

« Last post by Jayz on May 25, 2022, 11:54:34 PM »

209 Alberta St, Schreiber
Minimum Tender Amount: $8,621.89
2 tenders, sold for $8,622.00

Can you guess the 2nd bid?

Member Experiences / Re: Re: Re: Interesting read - Vendor takeback Mortgage Danger

« Last post by Dave2 on May 17, 2022, 11:35:51 PM »

Quote from: Jayz on May 16, 2022, 03:09:02 PM

The recent North Kawartha 73ac has VTB of $550k and the taxsale fetched $450k. Lucky the previous owner might be able to get some back. But I assume the legal will start or continue.

BTW, for those seasoned contributors here like Dave2, what is the common rule, if any, with regard to the term "grandfathered"? - does it apply to buildings/structures on the lot only, or does it apply to (the size of) the lot created (before or after the current zoning requirements take effect)? A few players received contradicting info re the NK waterfront from the town planner.

When I have encountered it on zoning or structure built before the current bylaws were passed it most commonly is classified as a permitted but as a non conforming use. The problem comes when you want to make changes to the use or property that are not permitted under the current bylaw. This freezes your ability to change the use or upgrade the existing structure.

I have also encountered problems particularly with conservation authorities when am existing permitted zoning use does not conform with THEIR current assessment of what should be permitted. This usually happens when the current zoning has not been updated in a long time or they felt one of their predecessors made a mistake. In general these cases are usually ones that the devil is in the details so sometimes there is is even disagreement between the municipality and the conservation authority.

Member Experiences / Re: Re: Interesting read - Vendor takeback Mortgage Danger

« Last post by Jayz on May 16, 2022, 03:09:02 PM »

Quote from: Dave2 on May 15, 2022, 03:51:15 PM

Quote from: Frank on May 15, 2022, 02:27:13 PM
https://www.cbc.ca/news/canada/british-columbia/b-c-man-s-property-sold-by-township-without-any-notice-over-6-700-in-unpaid-taxes-1.6447505

This article also illustrates one of the often overlooked dangers of taking back a vendor takeback mortgage on sale of a property.
The owner does not pay their property taxes and it goes to tax sale. The mortgage owner is supposed to be notified but if you
hold a mortgage make sure that you check the tax status if you are the mortgage holder and are facing a default.

The recent North Kawartha 73ac has VTB of $550k and the taxsale fetched $450k. Lucky the previous owner might be able to get some back. But I assume the legal will start or continue.

BTW, for those seasoned contributors here like Dave2, what is the common rule, if any, with regard to the term "grandfathered"? - does it apply to buildings/structures on the lot only, or does it apply to (the size of) the lot created (before or after the current zoning requirements take effect)? A few players received contradicting info re the NK waterfront from the town planner.

Member Experiences / Re: Interesting read - Vendor takeback Mortgage Danger

« Last post by Dave2 on May 15, 2022, 03:51:15 PM »

Quote from: Frank on May 15, 2022, 02:27:13 PM

https://www.cbc.ca/news/canada/british-columbia/b-c-man-s-property-sold-by-township-without-any-notice-over-6-700-in-unpaid-taxes-1.6447505

This article also illustrates one of the often overlooked dangers of taking back a vendor takeback mortgage on sale of a property.
The owner does not pay their property taxes and it goes to tax sale. The mortgage owner is supposed to be notified but if you
hold a mortgage make sure that you check the tax status if you are the mortgage holder and are facing a default.

Member Experiences / Interesting read

« Last post by Frank on May 15, 2022, 02:27:13 PM »