Ontario Tax Sale Property Forum
Welcome,
Guest
. Please
login
or
register
.
1 Hour
1 Day
1 Week
1 Month
Forever
Login with username, password and session length
News:
Tax List Property Listings Forum
Home
Help
Search
Calendar
Login
Register
Ontario Tax Sale Property Forum
»
Tax Sale Forum
»
Property Information
»
Insurance on Vacant land?
« previous
next »
Print
Pages: [
1
]
Author
Topic: Insurance on Vacant land? (Read 12473 times)
0 Members and 1 Guest are viewing this topic.
cityhunter
Silver
Posts: 30
Karma: -1
Insurance on Vacant land?
«
on:
October 12, 2010, 08:30:31 PM »
Hi all,
What are your thoughts of getting insurance for Vacant land you purchased in a tax sale? Recommended ? not needed?
Logged
Pfm1011
Senior
Posts: 948
Karma: 63
Re: Insurance on Vacant land?
«
Reply #1 on:
October 12, 2010, 09:21:13 PM »
Unfortunately it is incredibly expensive so it it is very difficult to do.
Use corporations to own the land and be sure to have no trespassing signs. Also place a legitimate mortgage against the land to protect the money you lent to the corporation.
If you do not use a corporation and don't insure you are playing Russian roulette
Logged
cityhunter
Silver
Posts: 30
Karma: -1
Re: Insurance on Vacant land?
«
Reply #2 on:
October 12, 2010, 09:42:16 PM »
By my experience MOST of the names on the Bid lists that I have received from past tax sales are NOT corporations.
So its safe to say that most either get insurance right away or start a corporation and transfer the property.
Logged
landbaronofthenorth
Silver
Posts: 29
Karma: 12
Re: Insurance on Vacant land?
«
Reply #3 on:
October 12, 2010, 10:19:09 PM »
The treasurer "shall prepare and register a tax deed in the name of the successful purchaser
or in such name as the successful purchaser may direct
"
You can direct the treasurer to register the actual tax deed however you wish, irrespective of the name the actual bid was submitted under (e.g. spouse, corporation, relative etc.)
Logged
Bruce289
Silver
Posts: 27
Karma: -3
Re: Insurance on Vacant land?
«
Reply #4 on:
October 13, 2010, 01:41:47 PM »
I don't know where anybody is getting the idea that insuring vacant land is difficult or expensive.
Any vacant pieces that I have are added onto my homeowner's insurance for $23 per year per piece.
Bruce
Logged
Print
Pages: [
1
]
« previous
next »
Ontario Tax Sale Property Forum
»
Tax Sale Forum
»
Property Information
»
Insurance on Vacant land?