Tax Sale Properties in Nova Scotia

Nova Scotia is one of Canada’s three maritime provinces and one of the four provinces that form Atlantic Canada. Its provincial capital is Halifax. Nova Scotia is the second smallest of Canada’s ten provinces, with an area of 55,284 square kilometres (21,300 sq mi), including Cape Breton and another 3,800 coastal islands. As of 2016, the population was 923,598. Nova Scotia is Canada’s second-most-densely populated province, after Prince Edward Island, with 17.4 inhabitants per square kilometre (45/sq mi).

Nova Scotia is Canada’s second smallest province in area, after Prince Edward Island. The province’s mainland is the Nova Scotia peninsula surrounded by the Atlantic Ocean, including numerous bays and estuaries.

What is a Tax Sale Property?

A tax sale property is a type of real estate that has been put up for sale by a governmental authority due to the non-payment of property taxes by the current owner. These properties are often referred to as tax-delinquent properties, as their taxes have been delinquent, leading to their sale.

In Nova Scotia, as in other regions in Canada, tax-delinquent properties are sold through public auctions or tenders to recover the unpaid taxes. These tax sale properties Nova Scotia offers represent a unique opportunity for investors or potential homeowners to purchase properties often at lower than market value.

The process begins when property owners fail to pay their property taxes. After a certain period of delinquency, the municipality lists these properties for sale. This tax delinquent properties for sale list informs potential buyers about upcoming tax sales.

Investing in tax sale properties in Nova Scotia requires careful consideration and due diligence. Buyers should research the property, understand the terms of the sale, and be aware of any additional costs that may arise. The properties are sold ‘as is,’ and the new owner is responsible for any outstanding liens or encumbrances. However, for those willing to navigate this process, tax sale properties can be an avenue for acquiring real estate at potentially lower costs.

How Do You Buy Tax-Delinquent Properties?

Purchasing tax-delinquent properties in Nova Scotia follows a distinct process, typically involving public tax sales organized by local municipalities. Here’s a guide to navigating this process:

1. Locate Tax Sale Listings - Keep an eye on local newspapers and municipal websites for announcements of tax sales. These listings provide essential information about the properties, including location, outstanding taxes, and the date set for the tax sale.

2. Conduct Thorough Property Research - Before you commit to a purchase, investigate the property thoroughly. Check its physical condition, zoning restrictions, and any other relevant factors. Remember, some properties might be vacant lands.

3. Understand the Terms of Sale - Each municipality in Nova Scotia has its own set of terms and conditions for its tax sales. These outline the bidding process, acceptable payment methods, and other sale-related terms.

4. Participate in the Sale - Tax sales in Nova Scotia can be held either as public auctions or tenders. For auctions, you need to be present to place your bid. For tenders, you submit a sealed bid by a specified deadline.

5. Complete the Purchase - If your bid is successful, you must pay the bid amount, which generally covers the owed taxes and any additional fees. The payment structure may include an immediate deposit and full payment within a given period.

6. Receive the Property Title - After completing payment, you will obtain a tax deed for the property. However, be aware of any redemption period that allows the original owner to pay off the taxes and regain the property.

Tax sale properties are sold in their current state, potentially including hidden costs like liens or environmental liabilities. Consult with a professional, such as a real estate attorney familiar with Nova Scotia’s tax sales, can provide valuable insights and help you understand your obligations and rights.