Buyer Beware - Purchasing Tax Sale Property - Part 1 of 4

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Buyer Beware - Purchasing Tax Sale Property - Part 1 of 4

Postby GoTaxSales.ca » Tue Nov 19, 2013 3:17 pm

Buyer Beware - Purchasing Tax Sale Property - Part 1 of 4

As many of you already know there are many risks associated with purchasing any property. In this 4 part article we will point out a few of the obvious risks involved, and a few of the precautions you can take to lessen the risks you face when purchasing tax sale property.

Please Note: You may be able to lessen the risks taken when purchasing tax sale property but in no way will you eliminate them.


One of the largest risks...


One of the largest risks involved when purchasing these lands is whether or not there are 'Crown Interests' present on title that will affect the property after the tax sale. For example an interest such as a lien in favour of the Canada Custom and Revenue Agency would fall into the 'Crown Lien' category. Where as a mortgage in favour of J. Doe Mortgage Brokers, would in many cases be wiped out from title permitting it was in no way a provincial or federal crown interest.

The quick answer in regard to any interests that will continue to affect a property after a tax sale, according to legislation; is the only interests that will survive a successful municipal tax sale in Ontario at this moment are Provincial and Federal interests in favour of the Crown. This of course does not include interests such as Easements, Restrictive Covenants, Adverse Possession and others.
In the event you purchase land with excessive crown interests you may in some but not all cases, find yourself to be 'a rock in a hard place'.

Now, there are several ways you can lessen the risks taken in regard to property that may have interests in favour of the crown etc.

If you are not already aware, there are legal documents called Title Searches available that give you a 'snap shot' of the Parcel Register. A skilled title searcher should be able to determine whether there were any interests that may affect the property after the tax sale at the time of your search.

Our Platinum Website Sponsor Tri-Target.com offers Title Search Reports for many of the Tax Sale Properties currently being advertised, and all at fair and affordable prices. These reports will explain very simply whether or not there are any registrations on the Parcel Register (on title) or contained in the Writ of Executions database that may affect this property after the tax sale.

For more information regarding our Title Search Reports or our Updated Title Search Reports, please email us at Info@Tri-Target.com or Info@GoTaxSales.ca

Remember:

Take as many precautions as possible to protect your interests throughout the tax sale purchasing process.
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Re: Buyer Beware - Purchasing Tax Sale Property - Part 1 of

Postby threesummits » Fri Nov 13, 2015 8:08 am

Talking about "Buyer Beware" - on one of the many posts I read tonight someone talked about "adverse possession". What exactly is this and how can I avoid it? What are the consequences of purchasing a property that is subject to adverse possession?
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