Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: BlueskyCan on June 29, 2010, 01:23:01 AM
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Thanks to the Mod's for sharing your great knowledge. I am interested to buy a Tax sale property in Missi. It has Executions and Lien on the property by Crown(CRA) From last two hours of reading I understand if the bid is higher the excess amount goes to the court and I can try to inform CRA to collect the excess. The excess amount would be enough to pay the Liens. I know you might not have the definitive answer, but what would your experience be- Is it prudent to bid the high amount and hoping CRA will take their share or reduce the bid to cover for the Liens? I lost last few bids as my bids were loo. You advise would be much apprecaited.
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Thanks! Is there a way to know how much is the total owning by the Crown? I will try calling CRA tomorrow. I hope they will answer.
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I just did a quick math, the Crown's $60,000 liens increased to $242,733.46 after 10 years @ 1.25% monthly compound rate. Now I know why it is in Tax sale! Even if someone bids the lowest the property cost would be $50K higher than the market value after paying land transfer tax, tax arear, eviction related legal fees as someone currently is living at the house. >:(