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1

Questions and Answers / 1 year redemption in some provinces like BC and Quebec, what are my chances?

« on: March 26, 2009, 09:46:21 PM »

Hello,

Some provinces like BC and Quebec require a 1 year wait when you buy a property on a tax sale to see if the legal owner redeems the property within that year.

I just bought 1 property in BC last year, 6 months have passed and still the previous owner hasn't redeem the property, chances are looking good, does anyone know the average rate for redemption of properties?

Any one have experiences like mine, waiting for 1 year to see what happens?

thanks

2

Questions and Answers / Re: Tax sales in Quebec

« on: March 26, 2009, 09:39:05 PM »

I live in BC and it seems Quebec works like here to, I can tell you about BC and this may help you:

First, when you buy a Tax Sale property here in BC the previous owner has 1 year to redeem the property, time that you CANNOT TAKE POSSESSION OF THE PROPERTY BY ANY MEANS, only if it represents a treat (waste, danger, etc) you can enter and clean up, that's it, you cannot live in, paint it or do anything to the property.

If 1 year passes, still you cannot take possession of the property and begin kicking people out, you still need to wait till you are registered in the land and title office as a registered owner and then you may start the process of kicking people out, but not by your self, you must first go to the sheriff office and do some paperwork.

On that waiting period of 1 year the taxes are assigned to the previous owner, when you take possession of the property you begin from $0, that.

I hope this may clear your questions.