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Author Topic: Kawartha Lakes  (Read 85752 times)

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Jayz

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Re: Kawartha Lakes
« Reply #15 on: October 28, 2016, 03:42:50 PM »
Quote from: Dave2 on October 28, 2016, 02:18:32 PM
Quote from: mozzy on October 27, 2016, 02:17:05 AM
Yes tax sale cancelled for all three

No real surprise given how deep Revenue Canada had liens on the properties Eg lot 2 for almost $700,000 six years ago.

These are nice properties but they are not worth these figures.  Municipality maybe trying to negotiate with Revenue Canada
to see if they will be reasonable or not, otherwise these properties will never get sold.  

This why you do title searches as the winning bidder would have then owed Revenue Canada this amount.   >:( >:(

Ok. If we assume somebody had won the property in question, I suppose that somebody could've still just walked away (losing the deposit) with no further liability. What if this somebody paid the balance and assumed the title of the property (with the lien), could CRA go beyond the property to hold the new owner liable for the lien / debt? The reason I am asking this is about the possibility / doability of the winner negotiating with the CRA, or whichever crown entity it might be in different cases, after the title is taken.
« Last Edit: October 28, 2016, 03:47:46 PM by Jayz »
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mountainman

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Re: Kawartha Lakes
« Reply #16 on: October 29, 2016, 03:40:22 PM »
Quote from: Jayz on October 28, 2016, 03:42:50 PM
Quote from: Dave2 on October 28, 2016, 02:18:32 PM
Quote from: mozzy on October 27, 2016, 02:17:05 AM
Yes tax sale cancelled for all three

No real surprise given how deep Revenue Canada had liens on the properties Eg lot 2 for almost $700,000 six years ago.

These are nice properties but they are not worth these figures.  Municipality maybe trying to negotiate with Revenue Canada
to see if they will be reasonable or not, otherwise these properties will never get sold.  

This why you do title searches as the winning bidder would have then owed Revenue Canada this amount.   >:( >:(

Ok. If we assume somebody had won the property in question, I suppose that somebody could've still just walked away (losing the deposit) with no further liability. What if this somebody paid the balance and assumed the title of the property (with the lien), could CRA go beyond the property to hold the new owner liable for the lien / debt? The reason I am asking this is about the possibility / doability of the winner negotiating with the CRA, or whichever crown entity it might be in different cases, after the title is taken.

I am Mountainman.

Jayz can rest assured

the lien is only for the amount secured,

Now the Queen might be rather mean

when title isn't clean,

Negotiate you might

but She will take her bite,

But don't forget interest that accrues

that may be the reason why you lose,

Of course the lien attaches only to the property

any other enforcement would be made improperly.

For I am Mountainman.
« Last Edit: October 29, 2016, 03:44:46 PM by mountainman »
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raylak

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Re: Kawartha Lakes
« Reply #17 on: November 09, 2016, 03:28:35 PM »
Be very careful. Mountainman speaks the truth! I was researching another CRA related tax sale property and turns out they have offices but they are NOT open to public. So now, if you did buy a property at tax sale, you will receive a letter in the mail to pay the amount owing without a real chance to negotiate before or after the tax sale, so don't be so smart to think you will be able to negotiate with CRA or any other crown lien for that matter. This is very difficult, interest accrues and won't let you sleep at night.
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Jayz

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Re: Kawartha Lakes
« Reply #18 on: November 10, 2016, 12:43:56 PM »
Quote from: raylak on November 09, 2016, 03:28:35 PM
Be very careful. Mountainman speaks the truth! I was researching another CRA related tax sale property and turns out they have offices but they are NOT open to public. So now, if you did buy a property at tax sale, you will receive a letter in the mail to pay the amount owing without a real chance to negotiate before or after the tax sale, so don't be so smart to think you will be able to negotiate with CRA or any other crown lien for that matter. This is very difficult, interest accrues and won't let you sleep at night.

If what Mountainman said is right that the CRA can only go after the property the lien is registered on, then it doesn't make "business" sense for the CRA not willing to negotiate. Maybe we need a "Trump" in our government too - good or not, just what about some changes to the bureaucracy?  ;D  :-X
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