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Free Ontario Tax Sale Property Listings

Wednesday, February 16, 2011

Buyer Beware - Purchasing Tax Sale Property - Part 2 of 4


In this edition of our Company Blog we are going to discuss the second of four parts regarding the importance of researching your property of interest (POI).

As many of you already know there are many risks associated with purchasing any property.  In this 4 part article we will point out a few of the obvious risks involved, and a few of the precautions you can take to lessen the risks you face when purchasing tax sale property.


Please Note:

You may be able to lessen the risks taken when purchasing tax sale property but in no way will you eliminate them.



Below you will find a few of our common questions regarding financial risks associated with purchasing Tax Sale properties.


What if the tax sale is CANCELLED by the Municipality?...

Sometimes a Tax Sale will be cancelled prior to the Tax Sale date.  The main reason this may happen is, the owner has come in and paid their tax arrears etc. in full - redeeming their property.

Your submitted deposit will be returned to you, but you will lose any costs invested up until that point such as the cost for Title Search Reports, Updated Title Search Reports, Writ Searches and any other associated investigatory costs.


I don't want the property anymore; BUT I'm the Highest Tender/Bidder!

If you find yourself in the situation of being declared the highest Tenderer/Bidder, but no longer wish to purchase the property you WILL lose your deposit of at least 20% of the minimum tender amount including any other associated investigatory costs.


How can I withdraw my tender?

A tender is withdrawn if the tenderers written request to have the tender withdrawn is received by the treasurer before 3:00pm local time on the last day for receiving tenders.  The envelope containing a withdrawn tender shall be opened at the time of the opening of the sealed envelopes.


 **ALWAYS FOLLOW UP AND ENSURE YOU REQUEST HAS BEEN RECEIVED.


There are risks with purchasing tax sale properties just like anything else. Doing your due diligence is by far one of the most important steps involved when purchasing tax sale property. 
Our Common Tax Sale - Questions and Answers will be available shortly, this section will have answers to many tax sale related questions, links to certain resources and much more!


In our next blog we will be discussing the risk of purchasing property that is contaminated.



Remember:

Take as many precautions as possible to protect your interests throughout the tax sale purchasing process.




What are Targeted Tax Sale Tips?

Targeted Tax Sale Tips are sent weekly with our 'Tri-Target.com - Upcoming Tax Sales' newsletter and posted on our Company Blog.

Each week the topic will vary from simple tax sale do's and don'ts, to in depth detailed information regarding legislation and much more!

2 comments:

  1. I read your Part 1 of this article and now reading this part.It's really absorbed some great information.Good job! Wish you keep working.
    Chiang mai house

    ReplyDelete
  2. I am in agreement with atik khan, this is a nice short article and it answered a couple of questions i was wondering about, part 3 here I come!

    ReplyDelete