Title Search, Name Search Etc..

[Pfm1011]

Very true..except for travel time and schedule.  Teranet is not the "be all and end all"  It is a tool which saves time, Not money. Additionally you have to be doing more then just tax sales to justify having it.  I still have to use Ontariotaxsales for the final report .     The only problem with doing your own is if there is an issue are you sure you caught everything and are you willing to bet on it versus spending 100 for the pro's?

IE a piece out in Thorold , had a 225 mortgage to the St Lawrence Seaway Authority from early 90,s which is now a private corporation. So if you did the search you would most likely say it was void and the crown had no interest as the Authority is a private company and no longer a Crown corp.   I had Ontariotaxsales run a report which said there was a crown interest,   I thought they were wrong and did a pile of research , dug up the final budget before privitization and low and behold ..When the company went private the mortgages were tranferred to Public works. So  a crown interest did exist. They were right, I was wrong.   Because I spent the 100 I saved 100k . ( Strangely enough someone did buy it for 125 , I presume they are now crying as public works wanted 350 plus to walk away)

Just for interest , if anyone on here knows the  buyer , did they manage to negotiate down or ..are they  crying? As far as I can tell, unless Public works walked away completely , they are crying as the land was only worth 125ish to start

[farrouk]

Thanks for the reminder PFM. The story about the property in Thorold should be a lesson to all of us. Do your friggin homework. We all might snicker at the poor guy who bought this property but it probably has devastated his finances and family. This is a real sad story that could have been easily avoided.

[Pfm1011]

I never snicker at someone in a situation like that as they made a small mistake which costs large. I just hope I never do the same, and we all are at risk of doing so.   It was a great piece of land which overlooked the welland canal and is a great site for a house so I can understand why they wanted it so badly. How cool would it be to sit on the porch and watch freighters cruise by.

However  I do laugh quite gleefully at the people who just plain and simple  overpay for houses trying to get rich quick by doing a flip

[26.2]

If you call any registry office in Ontario they will do the title and execution search for you and charge $35 plus what ever cost of the documents. Isn't this cheaper than Ontario tax sales.com?

You can do the search yourself or you can have a title searcher do the search.  Some properties are not available for title search by OTS, therefore if you want to go forward you use a title searcher.  If I asked my lawyer for the search he would have his secretary call the local title searcher and charge a nice premium.  An important difference pointed out by Pawel when using a title searcher...

They are generally cheaper, however the downside to using their service instead of a lawyer is that they are not legally liable for the information they provide you.