Basic Procedural Questions

[thehun69]

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.

[Pfm1011]

The system is unfair. I suggest that you do not bid. In fact, I suggest that nobody here ever bid again to protest this unfairmess .

I too will join in and support this worthy cause..Grab your tents ..I think there is a park in Toronto that has some space now

.ok everyone sing along

NO MORE BIDS    NO MORE BIDS