Ontario Tax Sale Property Forum
Tax Sale Forum => Property Information => Topic started by: cityhunter on October 12, 2010, 08:30:31 PM
-
Hi all,
What are your thoughts of getting insurance for Vacant land you purchased in a tax sale? Recommended ? not needed?
-
Unfortunately it is incredibly expensive so it it is very difficult to do.
Use corporations to own the land and be sure to have no trespassing signs. Also place a legitimate mortgage against the land to protect the money you lent to the corporation.
If you do not use a corporation and don't insure you are playing Russian roulette
-
By my experience MOST of the names on the Bid lists that I have received from past tax sales are NOT corporations.
So its safe to say that most either get insurance right away or start a corporation and transfer the property.
-
The treasurer "shall prepare and register a tax deed in the name of the successful purchaser or in such name as the successful purchaser may direct"
You can direct the treasurer to register the actual tax deed however you wish, irrespective of the name the actual bid was submitted under (e.g. spouse, corporation, relative etc.)
-
I don't know where anybody is getting the idea that insuring vacant land is difficult or expensive.
Any vacant pieces that I have are added onto my homeowner's insurance for $23 per year per piece.
Bruce