City of Toronto Tax Sale

[Rob]

Don't miss the City of Toronto tax sale this week.

[sam]

I am pretty new to this things. Do they really work

[jreist]

What are these, most say "land lock strip of land"

[Rob]

A noticed a few of them are small pieces of land useless to most.  But I did notice one of them, seeming  worthwhile.

I am pretty new to this things. Do they really work?

Only if you have the winning bid.

[Ion]

Nick wants $25 for each property tender package.

"Land locked strip of land Subject to Crown execution".

Somebody suggested that the landlocked strip may be behind the house and the actual owner of the house may have a choice to buy it.

If somebody has more experience could give as a hint?

[Frank]

RE:  Landlocked parcels. 

Some municipalities (not all) try to give prospective bidders a little bit of a heads-up on the properties in their ads.  They will often say that the property has no frontage (or is landlocked), or that it is an environmental property either in that it is contaminated, or it is an environmentally sensitive area (another name for swamp).  Some even provide you with a hint that there is a crown lien on the property. 

They are not obligated to provide this information, and by doing so they actually leave themselves exposed in the event that they miss something.  Most municipal lawyers will advise their clients not to offer this information for that reason.

Neighbouring properties are most usually the most likely buyers of these landlocked parcels simply because no one else has an interest.  In the event that no one bids, and the municipality takes the property following the sale then it is likely that they would approach these neighbours to offer it to them for a buck.  By not bidding on it however, the neighbour runs the risk that some other opportunist who is unaware of the situation buys it and then finds out that it is useless to them - then they have to wait until the process starts all over again to get another kick at it in about 5 years time.

A similar situation can occur with what are known as 'remnant strips'.  Often when subdivisions are laid out there is thin sliver of land left at one or more of the peripheries.  These parcels are seen to be best left in the hands of the developers in order that they can be incorporated in the next phase of the development.  However, in many cases the developer fails to come to terms with the adjacent property owners, and eventually walks away from the parcel.  When these pieces are put up for tax sale the most likely purchasers would be abutting properties since they are really useless the rest of us.   However, in tax sales no one has a right of first refusal.

[sam]

Thanks Rob.

[sam]

I am interested in the land in Oro-medonte. How can I get more information about it?
Thanks.

[ynot]

I`m interested in some property...actually nervously thinking about my first tax sale purchase,  but would like to know why only some of the properties listed on this website get Tender Pkgs or Title Searches offered and others don`t?  I need a Title Search asap. for one in particular.  Am I off to the lawyer?

[Frank]

I`m interested in some property...actually nervously thinking about my first tax sale purchase, but would like to know why only some of the properties listed on this website get Tender Pkgs or Title Searches offered and others don`t? I need a Title Search asap. for one in particular. Am I off to the lawyer?

Not sure what you are referring to, as this site does not offer title searches.  Some others do, and you are right, only those that are under contract with municipalities offer them.  There have been a number of discussions on this site as to the advisability of obtaining a search, how to interpret the information therein, and how to proceed to have one done.  If you don't know how to do it yourself going to a lawyer is only one option, but probably the best for you, especially if you don't know how to interpret the results.

[sam]

Thanks guys for your help.

[ynot]

Don't need title searches as urgently as I thought...the condo properties are just parking spaces only.  I'll stick to green P.  Thanks Frank fo rexplaining that it's the municipality that offers the title search and not this website.  I'm not only a newbie to Tax sales but also to online forums.  I find folks here are intelligent and helpful. 

[dainty]

 I have never been lucky enough to buy a tax sale property. My question is if the property is occupied how difiicult is it to get the residents out. I would love to hear from someone who has done a purchase before and what are the difficulties we need to look for.  I was looking at the Hamilton list and almost all the properties were cancelled, meaning the owners were able to get the funds to pay the taxes at the last minute.

[guoxiaozhong]

What is PKG in tax sale list? Such as

942 Yonge Street, PKG


Also, When it mentions "Subject to Crown Execution", Does it men there is Crown lien on it?

Thanks

[Frank]

If it says that it is subject to a crown execution, then yes it is talking about a crown lien which will survive the tax sale. 

Several of the properties for sale by the City of Toronto are in fact parking spots in condominium complexes.  These are worth a lot of money in many cases (ever tried to park in Toronto).   Most of the high-rise condos there have separate parking spots which can be purchased when you buy a condo.  You will notice as well that they have 'restrictions as to the transfer' which is probably a covenant that runs with title that you must in fact own a condo there in order to own a parking spot - they wouldn't want non-residents in the building.  Search title for this restriction and let us know what it says.