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Questions and Answers / Re: Confused by wording in Kemptville Notice
« on: November 10, 2006, 08:33:10 PM »
Just to clarify, the property in question is in Kemptville but listed in the title as North Grenville.
DD
DD
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Questions and Answers / Confused by wording in Kemptville Notice
« on: November 09, 2006, 05:47:15 AM »
I am a bit confused by the wording of the Kemptville sale. It includes a clause that “The successful purchaser will be required to pay the amount tendered plus accumulated taxes and the relevant land transfer tax.” I thought that the minimum price was the amount of tax due and that only crown liens would remain on the property. If the purchaser is required to pay taxes owing n addition to the winning bid, how was the minimum bid calculated? Will the tax office provide me with the amount of outstanding taxes owing?
Thank you
DD
Thank you
DD
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British Columbia Tax Sale Properties / Re: About British Columbia tax sale properties
« on: October 14, 2006, 01:54:57 AM »
Thank you for the good advise on due diligence and the confirmation that all non-governmental liens disappear during the taxsale process. I can only assume that the lender of the mortgage would need to write off the loss as part of financial reporting.
Just out of curiosity… what happens in the case of a redemption by the original owner after the tax sale? Rob has stated in the start of this string that “You do not own the property until the 1 year redemption period ends”. So if a redemption is done 363 days after the sale and the bank has already written off the mortgage, the buyer would get his money back plus interest but would the original owner get the property back without the mortgage?
On another note, is the right of redemption transferable to another person (ie and investor)?
DD
Just out of curiosity… what happens in the case of a redemption by the original owner after the tax sale? Rob has stated in the start of this string that “You do not own the property until the 1 year redemption period ends”. So if a redemption is done 363 days after the sale and the bank has already written off the mortgage, the buyer would get his money back plus interest but would the original owner get the property back without the mortgage?
On another note, is the right of redemption transferable to another person (ie and investor)?
DD
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British Columbia Tax Sale Properties / Re: About British Columbia tax sale properties
« on: October 13, 2006, 04:41:43 AM »
It is my understanding (from other posts) that tax sales cause all non-governmental liens and mortgages to fall off of the property. How do these mortgages re-attach if the property is bought back?
DD
DD
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