pxl

Will you be the successful purchaser?

Obtain an updated Title Search Report on the date of the Tender

By having a title search report updated on the morning that tenders must be received, you will be able to see if any new mortgages or other significant interests against the property have been registered since your first search was conducted. You might find that they have and want to withdraw your tender. You can do this by either faxing or hand-delivering a request to withdraw your tender directly to the treasurer’s office. It must be received by the treasurer before the final time for receiving tenders has passed.

Tenders are Opened in a Public Place

Tax sale public tender

It is possible to attend the tender opening although it is certainly not required. The municipality Treasurer will open the sealed Tender Envelopes in a place open to the public, as soon as possible after the last date and time for receiving tenders has passed.

When your Tender is Rejected

tax sale tender rejected

The Treasurer is required to reject all tenders that do not meet the requirements of the Municipal Tax Sale Rules. After review of all Tenders, the treasurer will reject all but the two highest of those remaining. If your tender has been rejected, it will be returned to you by mail with your deposit and an explanation for the rejection.

When your Tender is Accepted

When your tender is accepted, you will receive notice by mail that you will be declared the "successful purchaser" if, within 14 days of the notice, the balance of the amount tendered along with the Land Transfer Tax, any accumulated taxes and applicable HST, are paid to the municipality treasurer. If you do not pay the full amount on time you will forfeit your deposit and the second highest tenderer will be given an opportunity to purchase the property.

Once declared the successful purchaser, the treasurer will prepare a tax deed showing that you, or someone of your choosing, is the new owner of the property. The new owner will need to sign the deed and have it "commissioned" by a Commissioner for Taking Oaths. If you sign the deed at the Treasurer’s office, you will most likely be able to have someone there commission the deed. However, if you choose, you can have the deed sent to you to be signed and commissioned by a lawyer, doctor, professional engineer, clergy member or some other Commissioner for Taking Oaths. After the deed has been commissioned, it will be registered at the local land registry office. You will officially become the new owner of the property upon the registration of the deed.

Share:

Related Posts

December 08, 2019

How to submit tax sale tender?

Since the tax sale is a public event, others will likely be submitting tenders. The person with the highest tender will be permitted to purchase the property. Your deposit should be at least 20% of the full amount.

December 08, 2019

Purchasing a tax sale property without viewing it

It is possible the building may have been damaged, decayed or even destroyed in the intervening time. It is also quite possible that the photos don’t depict the property from significant angles.

December 08, 2019

Cancelled tax sales and how to prevent losses

Learn why would a Municipality or Treasurer cancel a tax sale, when is the cut off for tax sale cancellation, and what is the best way to protect yourself by minimizing chances of wasting time and money.