Messages

1

General / Re: Why we need to do title search on same day of auction

« on: September 28, 2008, 09:39:29 PM »

I read somewhere on this forum that ones property get sold  outstanding mortgage will collapse and buyer doesn't have to pay mortgage on top of winning price. Only thing he has to worry about crown lien.

However i seen following description in one of the ad.

"The purchaser to assume responsibility for all mortgages, charges, liens,
outstanding taxes, and other encumbrances. No representation is made
regarding the title of the land or any other matter relating to the interest
to be sold. Responsibility for ascertaining these matters rests with the
potential purchaser(s). "

It means if i buy one of the property in $200,000 at auction and if mortgage ($70,000) and other taxes ($10,000) are pending, I have to pay $80,000 on top of my winning price. right ?

or do i have to pay only taxes which is $10,000 as per my first comment.

I appreciate your input as i am in learning curve.

Thanks

2

General / Why we need to do title search on same day of auction

« on: September 27, 2008, 03:08:37 PM »

I am little bit confused about title search recommendation for same day of the auction.

Is there any possibilities that  a day before crown lien comes in picture or any other lien pooped up in search.

Any body have any bad experience.

My understanding is all municipality and crown have kind of relations with each other, they always check with each other before they put any property for auction.

- Why should crown or any other lien holder wait to register their lien on particular property until the auction ?
- Isn't that all kind of liens registration forces particular properties to have it auction ?


thanks
Saur