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    Ontario Tax Sale Property Buyer's Guide
    Ontario Tax Sale Property Buyer's Guide
    Ontario Tax Sale Property Buyer's Guide
    Ebook220 pages2 hours

    Ontario Tax Sale Property Buyer's Guide

    By TaxSaleProperty.org

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    About this ebook

    Tax Sale Property Buyer's Guide.

    Ontario Tax Sale Properties Explained

    Looking for a house, condo, vacation property, vacant land, commerical property
    or even an island in Ontario?

    This unique book explains the tax sale property process directly from the experts.

    INTRODUCTION
    What is a Tax Sale Property?
    History of Tax Sale Listings
    Distribution of Tax Sales in Ontario
    Ontario Tax Sales – The Process How the Tax Sale Process works
    Sample of a Past Tax Sale Property Listing
    Tax Sale Listings Explained
    Researching Details
    Bidding - 101
    Bidding - Sample Tender Form

    GENERAL QUESTIONS
    Tax Sale Properties
    Newbie Questions
    Cancelled Auctions
    Auctions vs Tender Process
    Where do Tax Sales Occur
    Past Results
    Property Listings Timing
    House vs Vacant Land
    Do I need a Property Lawyer?
    Prior Usage Claims
    Zoning Mining Claims
    Cancelled Sales
    Commercial Zoning
    Banks Paying Back Taxes on Mortgages
    Properties Cities Not Providing Information
    Tax Sale Listings
    Private Lenders
    Land Title Clarification
    Property Details
    Redeeeming
    Property Violations
    Title Insurance
    Insurance
    Legal Aid
    Building Road
    Roll Number
    Surveyor

    LIENS
    Title Searches
    Title on Vacant Land
    Execution vs Title Search
    Crown Liens
    Non Crown Liens
    Title / Writ Search
    Strategies On Title Search Cost
    More on Crown Liens
    GEOwarehouse Search
    When can a lien be Reigistered?
    Tender Packages
    Lien Holders
    Cost of Title Search
    Liens on Owner or Property
    Mortgage Oweing

    TERMS
    Freehold
    Natural
    Resource Zone
    Environmental Control
    Surface Rights Only
    Writ Execution vs Title Check
    QR Numbers
    RR and H zoning
    1R Plan

    BIDDING
    More than one Bid
    Evictions
    Minimum Tender
    Minimum Bid
    Sending the Bid
    Amount Owing
    Maximum Deposit Amounts
    Taxes Included in Minimum Bid
    First Time Bidding
    Winning Bid - Title Name
    Winning a Bid
    Bid on Assessed / Appraised Value

    SHERIFF SALES
    Liens
    Forecloser / Power of Sales Properties
    Capital Gains

    AFTER TAX SALES
    Need a lawyer?
    After Tax Sales
    Second Highest Bidder
    What to do with my Purchase
    Eviction Process
    Road Allowances
    New Row
    Animals / Property
    Insurance
    Renting
    Redesignation

    TAX SALES AS A BUSINESS
    Capital Gains Parnerships
    HST Resale Vacation
    Tax Sales Expenses

    OTHER TAX SALE PROPERTY
    SALES Sask Tax Sale Properties
    United States Tax Sales
    Alberta

    ADVICE
    Putting in a bid
    Final Prices
    Tax Results
    Bidding
    Sheriff Sales
    GST / Land Transfer Tax
    On the Risks of Redeeming
    On what happens with Federal Liens Mining Claims
    Taking the Plunge
    Making Money in Tax Sales
    Crown Liens
    Summaries
    Fears
    On Bidding
    Buying Buildings
    Locating Properties
    Additional Charges
    Right of Way
    Positive Words

    EXPERIENCES
    Experiences
    Stories

    LanguageEnglish
    PublisherTaxSaleProperty.org
    Release dateMay 20, 2013
    ISBN9781301826308
    Ontario Tax Sale Property Buyer's Guide

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      Book preview

      Ontario Tax Sale Property Buyer's Guide - TaxSaleProperty.org

      INTRODUCTION

      What is a Tax Sale Property?

      What is a Tax Sale Property? 

      When someone doesn’t pay their property taxes for a number of years, the city or region can put the property up for auction.  

      These properties are available for under market value all across Ontario, Canada. 

      They can be had for pennies on the dollar.

      Every week a new list of properties becomes available for auction. 

      This book will explain the process and answer all of the questions you may have. 

      History of Tax Sale Listings

      TaxSaleProperty.org has been following tax sales since the early 2000s and has available all of the tax sale property listings since mid 2004 online.  

      To date there have been 1,364 tax sales since mid 2004. 

      From those 1,364 tax sales, there have been 6,371 properties.  

      Below is a breakdown of tax sale properties listed per year. 

      Distribution of Tax Sales in Ontario

      Tax Sales are spread out throughout the entire province of Ontario.  

      Here are the top regions and the number of times a tax sale occurred over this period. 

      Municipality of Greenstone

      23

      Municipality of Trent Hills

      22

      Town of Fort Erie

      21

      Chatham-Kent

      18

      City of Welland

      16

      Township of Hamilton

      15

      Huron

      14

      Sudbury

      14

      City of Sault Ste Marie

      14

      Township of Muskoka Lakes

      14

      Township of Prince

      12

      Town of Marathon

      12

      City of North Bay

      12

      Manitoulin

      12

      Township of Seguin

      11

      Township of Tay

      11

      Haldimand

      10

      Toronto

      10

      Town of Kirkland Lake

      10

      Township of Ear Falls

      10

      Municipality of Dysart et al

      10

      City of Niagara Falls

      10

      Township of Cramahe

      10

      Township of Ignace

      9

      Township of Spanish

      9

      Township of North Kawartha

      9

      Municipality of West Nipissing

      9

      City of Sarnia

      8

      Town of Gananoque

      8

      City of Temiskaming Shores

      8

      Ontario Tax Sales – The Process

      Obtaining a tax sale property is as simple as: 

      Step 1 – View Free Tax Sale Listings Weekly

      Step 2 – Research Properties

      Step 3 – Further Research

      Step 4 – Bidding

      Step 5 – Winning

      How the Tax Sale Process works

      Step 1 – View Free Tax Sale Listings Weekly:

      View weekly listings of tax sale properties.  Visit www.taxsaleproperty.org for free listings.   Select any number of properties you may be interested in. 

      Step 2 – Research Properties:

      You found a few properties you may be interested in. 

      Research the properties you are interested in.  Start by viewing google maps of the property.   View publicly available photos online.  Consider a trip to the general area. 

      Tender packages are available from each municipality for each sale.  Consider a tender package for under $10.00 dollars if you are moderately to seriously interested in a property.  It will provide additional basic information. 

      Step 3 – Further Research:

      You are seriously interested in a property and are almost ready 

      Investigate liens and outstanding claims.  Most liens will be removed at the time of sale but federal liens will not.  Determine what type of liens, are present on owner/property (if any). 

      Step 4 – Bidding:

      You have researched the property and you intend of making a bid. 

      Determine the type of sale.  The most common is a tender sale where bids are submitted before hand with the highest bidder winning the chance to complete the sale.  This information is included in the original listings. 

      Determine your bid value.  Based on your research determine a bid value you are comfortable with.   Never bid more than you can afford because pulling out of a tax sale will result in your losing your initial deposit. 

      Get your money order (or type of payment) together and ensure it reaches the city before the cutoff dates.  Consider sending in slightly more than 20% of your bid for your initial deposit. 

      Step 5 – Winning

      You have placed a bid and you have been notified that you were success. 

      Congratulations on your new property.  Quickly get in the remaining money you owe.  Now the city can transfer title of the property to you to do as you wish.  Outstanding mortgages have been removed.  

      Go visit your property for the first time.  

      Sample of a Past Tax Sale Property Listing

      Tax Sale Listings Explained

      Tax Sale property listings come out once a week

      They could come from any municipality, city or township

      They generally list the minimum bid, the address and roll number and could list additional information

      Local newspapers and the Ontario Gazette will provide listings

      Be careful to read the full description, it may provide warnings that will be important in the next phase

      You can find free listings at: www.taxsaleproperty.org in various formats. 

      Researching Details

      You can do simple research like looking up the address on internet, viewing online maps or looking up the assessed value of the property

      Check property values of similar properties in the area to get an idea of the range of prices

      Call / Email / Visit the city who is hulding the tax sales.  They may have additional details on file.

      With a little bit of legwork you could visit the area where the property is and try to get a better understanding of the situation.  Be sure never to trespass, its better you are not seen or noticed and never talk to the owner.

      You could go to pay websites that might have more information on the property such as photos

      To get a full understanding it’s important to do a check if any liens exist.  This must be against owners and property to ensure you have all of the details.  Most liens will be removed but federal liens will not.

      There was many online or in person title searchers available who can do this background check for a fraction of the rate of a full service lawyer.

      DON’T BUY A PROPERTY WITHOUT DOING A SEARCH FOR LIENS.   It could result in a bad purchase when all factors are taken into consideration.

      Bidding - 101

      Only bid what you can afford

      Only submit one bid

      Be sure to address the letter and money order to the correct person. 

      Be sure to include at least 20% of your deposit.  Including more where possible.

      Do not bid on the taxed assessed value of the property.  This value does not line up with the actual value of the property

      Many people attend in person.

      If you win the bid you will forefit your deposit if you do not come up with the remaining amount of money in time.  If this event occurs the second place bidder becomes the first place bidder.

      Many properties don’t receive a single bid. 

      Bidding - Sample Tender Form

      When you are bidding on a property you must submit a tender form with your bid.   Below is sample of a tender form.  This form can be obtained by the city holding the tax sale and the listings will have contact information on someone who can provide this.  This form must be included when submitting a bid. 

      SAMPLE FORM

      GENERAL QUESTIONS

      Tax Sale Properties

      Rob

      Where can I find tax sale property listings?

      Rob

      All of the latest properties can be found at taxsaleproperty.org in different formats.

      Frank

      Municipalities are required to post their sales in the Ontario Gazette, and four consecutive weeks in a local paper.   Many, like Hamilton don't post on the Gazette until the very end - week before the sale, while this gives us very short notice, it also eliminates a lot of redeemed properties from their ad.    You will see people talking about a sale that has not been posted on this site, nor the Ontario Gazette (since that is where this site gets its info. - it is the only complete source), and that is usually because those folks are local and became aware of the sale through the local paper.

      Newbie Questions

      I'm a total Noob, i saw this interesting commercial on t.v. about Tax Sale Properties and decided to google it.  

      Well here i am...WAY over my head.  

      This all sounds really shady, and it sounds EXTREMELY easy to step on some very sensitive toes.  

      ANY tips you can give me to get my feet wet would be fantastic.

      Cancelled Auctions

      Frank 

      In fact (in Ontario at Least), municipalities are required by legislation to serve notice on all lien holders prior to a sale.  Unless the property is severely impaired there is no way the banks are going to let it go for the taxes owing - they will either make a deal to increase the amount of the mortgage to pay the taxes, or they will forclose on the mortgage they have, evict the owner and sell the property themselves.   Mortgage companies will only walk away if the property is worth less than what they have outstanding or what they think they can get by going through the motions.  

      The City of Hamilton, for example, currently has a sale underway (it will probably be in the gazette this weekend).  When first advertised it had 22 properties listed, and eight of these have been cancelled  

      go to: 

      http://www.myhamilton.ca/myhamilton/CityandGovernment/CityDepartments/CorporateServices/FinanceBudgetTaxes/PropertyInformationTaxes/TaxSaleProperties20060509.htm

      These people either came up with the money, or made a satisfactory payment arrangement, and the Municipality has deemed that it is financially not in its best interest to proceed with the sale.  They do not want to throw people out of their homes, and they use the process to get them to come in and pay-up.  In all but a few of these situations this works, and what ends up going to sale are properties that are in truly bad condition (generally), however, you do get the odd jewel that sneaks through and is worth bidding on.  

      Hamilton doesn't advertise in the Gazette until it has done the local advertising routine (4 weeks) in a local paper.  The reduces the number of the last minute cancellations which we see in other municipalities, however it leaves folks like us with very little time to investigate the properties.   When you see a tax sale advertised and it is not going to occur for a month and a half, then you could expect that a number of properties will be cancelled from the sale, - you should check the status over the phone before bothering to go and do your investigation.  Don't leave it until the last minute, but if you start too early there is high probability that will waste a lot of time and money.

      Auctions vs Tender Process

      Lisr 

      Anyone know about tax sale auctions. They say you have to pay in full that day by certified chq, or cash, etc. Who carries that much cash and how can you get a certified cheque when you don't know how much you will be paying for the property you are bidding on? Who knows how this works? 

      royster 

      The tax auctions in Huron County have required you pay

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