Tax Sales Hub Tax Sales Hub Investments

Tax Sale Property in Cobalt, Ontario
1 Prospect Ave, Cobalt
ROLL: 54 08 000 005 07400 0000 ‐ PIN: 61386-0153 & 61386-0154 & 61386-0155 & 61386-0156 & 61386-0202

Property Unique ID: 9Nyzb7o4

  • Status: Cancelled

    (TAX SALE CANCELLED BY THE TOWN)

  • Sale Type: Public Tender
  • Tax sale date: Jul 03, 2024
  • Release date: Jun 08, 2024
  • Province: Ontario
  • Municipality: Cobalt
  • Address: 1 Prospect Ave, Cobalt
  • ROLL: 54 08 000 005 07400 0000
  • PIN: 61386-0153 & 61386-0154 & 61386-0155 & 61386-0156 & 61386-0202
  • Property size: Unknown
  • Zoning: Unknown
  • Near water? No
  • Property on a lake or a bay or a river? Yes
  • Waterfront? No
  • Accessible by public/private road? Yes
  • House or cottage on the property? Unknown
  • Other structure on the property? Yes
  • Farmland? No
  • Residential? Unknown
  • Commercial or industrial? Unknown
  • Vacant land? No
Title Search Report

Title Search Report

Do you want to know everything about the property before buying it?

Find out what mortgages, liens, etc. will affect the property after the tax sale.

The listed price is for a single pin; for multiple pins within a tax sale, reach out to us to determine the cost of a title search.

$149.95
Available only for active tenders

Become a member and save save more than 50% on every Title Search Summary purchase!

Minimum Bid

$186,604.07  CAD

Assessed Value

$400,000.00  CAD

Potential Revenue

$213,395.93  CAD

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  • Property Unique ID: 9Nyzb7o4
  • Published: June 07, 2024

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Description

TAKE NOTICE that tenders are invited for the purchase of the lands described below and will be received until 3:00 p.m. local time on July 3, 2024, at the Cobalt Municipal Office, 18 Silver Street, Cobalt Ontario.

The tenders will then be opened in public on the same day as soon as possible after 3:00 p.m. at the Cobalt Municipal Office, 18 Silver Street, Cobalt.

Except as follows, the municipality makes no representation regarding the title to or any other matters relating to the lands to be sold. Responsibility for ascertaining these matters rests with the potential purchasers. The assessed value, according to the last returned assessment roll, may or may not be representative of the current market value of the property.

Pursuant to the Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the “Act”), effective January 1, 2023, it is prohibited for a non-Canadian to purchase, directly or indirectly, any residential property, as those terms are defined in the legislation. Contraventions of the Act are punishable by a fine, and offending purchasers may be ordered to sell the residential property.

The municipality assumes no responsibility whatsoever for ensuring bidders/tenderers comply with the Act, and makes no representations regarding same. Prospective bidders/tenderers are solely responsible for ensuring compliance with the Act and are advised to seek legal advice before participating in this sale.

Transfers of properties that contain at least one and not more than six single family residences and are transferred to non-residents of Canada or foreign entities, are subject to the Province’s Non-Resident Speculation Tax (NRST).

This sale is governed by the Municipal Act, 2001 and the Municipal Tax Sales Rules made under that Act. The successful purchaser will be required to pay the amount tendered plus accumulated taxes and any taxes that may be applicable, such as a land transfer tax and HST.

The municipality has no obligation to provide vacant possession to the successful purchaser.

Legal Description

ROLL NO. 54 08 000 005 07400 0000; 1 PROSPECT AVE., COBALT; PIN’S 61386-0153 (LT), 61386-0154 (LT), 61386-0155 (LT), 61386-0156 (LT) & 61386-0202 (LT); FIRSTLY: PCL 22959 SEC SST; PT LT 322 PL M47NB COLEMAN SRO COMMENCING AT THE NELY ANGLE OF SAID LT 322; THENCE SWLY ALONG THE ELY BOUNDARY THEREOF A DISTANCE OF 25 FT 9 1/2 INCHES TO A POINT; THENCE WLY AND PARALLEL TO THE NLY BOUNDARY OF THE SAID LT 322, 60 FT TO A POINT; THENCE NLY AND PARALLEL TO THE WLY BOUNDARY OF SAID LT 322 TO THE NLY BOUNDARY THEREOF; THENCE ELY AND ALONG THE SAID NLY BOUNDARY TO THE POINT OR PLACE OF BEGINNING; T/W A ROW IN COMMON WITH OTHERS FOR PURPOSES OF EGRESS AND INGRESS OVER, ALONG AND UPON THE NLY 15 FT OF THE SAID LT 322 FROM THE WLY BOUNDARY THEREOF ELY TO THE LANDS HEREINABOVE DESCRIBED; SECONDLY: PCL 10930 SEC SST; N1/2 LT 322 PL M47NB COLEMAN SRO EXCEPTING THAT PT OF THE N1/2 OF SAID LT 322 DESCRIBED AS FOLLOWS: COMMENCING AT THE NELY ANGLE OF LT 322, THENCE SWLY ALONG THE ELY BOUNDARY THEREOF A DISTANCE OF 25 FT 9 1/2 INCHES TO A POINT; THENCE WLY AND PARALLEL TO THE NLY BOUNDARY OF THE SAID LT 322, 60 FT TO A POINT; THENCE NLY AND PARALLEL TO THE WLY BOUNDARY OF SAID LT 322 TO THE NLY BOUNDARY THEREOF; THENCE ELY AND ALONG THE SAID NLY BOUNDARY, TO THE POINT OR PLACE OF BEGINNING; T/W A ROW IN COMMON WITH OTHERS FOR PURPOSES OF EGRESS AND INGRESS OVER, ALONG AND UPON THE NLY 15 FT OF THE SAID LT 322 FROM THE WLY BOUNDARY THEREOF ELY TO THE LANDS HEREINABOVE DESCRIBED; THIRDLY: PCL 22958 SEC SST; PT LT 322 PL M47NB COLEMAN SRO AS IN LT43880; FOURTHLY: PCL 22957 SEC SST; SE PT LT 322 PL M47NB COLEMAN SRO AS IN LT43881; COBALT; FIFTHLY: PCL 15772 SEC SST; S1/2 LT 322 PL M47NB COLEMAN SRO EXCEPTING FIRSTLY THAT PT DESCRIBED AS FOLLOWS: COMMENCING AT A POINT IN THE ELY LIMIT OF LT 322, WHICH POINT IS 30 FT MEASURED NLY ALONG THE ELY LIMIT FROM THE SE ANGLE OF SAID LT 322; THENCE WLY AND PARALLEL TO THE SLY LIMIT OF SAID LT 322, A DISTANCE OF 36 FT MORE OR LESS TO A POINT, WHICH POINT IS 46 FT MEASURE ELY FROM THE WLY LIMIT OF SAID LT 322; THENCE NLY AND PARALLEL TO THE SAID WLY LIMIT OF SAID LT 322, TO A POINT IN THE SLY LIMIT OF THE N1/2 OF SAID LT 322; THENCE ELY ALONG THE SAID SLY LIMIT OF SAID N1/2 OF SAID LT 322, TO A POINT IN THE ELY LIMIT OF SAID LT 322; THENCE SLY ALONG THE SAID ELY LIMIT OF SAID LT 322 TO THE POB. EXCEPTING SECONDLY THAT PT DESCRIBED AS FOLLOWS: THE SE PT OF LT 322 PL M47NB, COMMENCING AT A POINT IN THE SE ANGLE OF THE SAID LT; THENCE NLY ALONG THE ELY LIMIT OF SAID LT 322, A DISTANCE OF 30 FT MORE OR LESS TO A POINT, SAID POINT BEING IN THE SE ANGLE OF THE LANDS HERETOFORE CONVEYED UNDER TRANSFER LT43880 TIMISKAMING; THENCE WLY AND PARALLEL WITH THE SLY LIMIT OF SAID LT 322 A DISTANCE OF 36 FT MORE OR LESS TO A POINT, WHICH SAID POINT IS DISTANT 46 FT MEASURED ELY FROM THE WLY LIMIT OF SAID LT 322; THENCE SLY AND PARALLEL TO THE WLY LIMIT OF SAID LT 322 A DISTANCE OF 27 FT 51/2 INCHES MORE OR LESS TO A POINT IN THE SLY LIMIT OF SAID LT 322; THENCE ELY ALONG SAID SLY LIMIT A DISTANCE OF 22 FT 6 INCHES MORE OR LESS TO THE POC; COBALT; DISTRICT OF TIMISKAMING; DISTRICT OF TIMISKAMING; FILE NO. 23-03 According to the last returned assessment roll, the assessed value of the land is $400,000.00 Minimum Tender Amount: $186,604.07

Images

Tax Sale Cobalt, Ontario - 54 08 000 005 07400 0000 Tax Sale Cobalt, Ontario - 54 08 000 005 07400 0000 Tax Sale Cobalt, Ontario - 54 08 000 005 07400 0000

We cannot guarantee accuracy of the pictures and the borders of the tax sale land.

Location on Map

1 Prospect Ave, Cobalt

Ontario tax sale properties buyer's guide

Before you submit a tender for a tax sale property, be aware of the following:

The municipality does not hold the title of the estate or any other matter concerning the lands to be sold. The property can be much higher or much less than the tender minimum.

It is up to you to examine this property to see if it is a good investment and to investigate the statutory requirements and tax sale provisions.

Therefore, we highly recommend you to check the title and executions to see what will stay on the title and become your duty after the execution. In most cases, if at the time the tax deed is registered the estate is subject to a crown interest (such as a mortgage, lien or execution), when you become the holder it will continue to be subject to that crown interest. Is the property subject to attributable holders ' easements, limits and/or adverse possession? Does the condition of the property, land use, zoning, etc. fit into your property plans? 

  1. This process is buyer beware. You must undertake due diligence with respect to all aspects of the property.

    Therefore it is important to do your homework before tender.

  2. You may drive past the property, but site visits are not available.

    Use google map street view on the property page to have a closer look. Since google map photos could be deprecated and if the property you are interesting in is not so far, it's a good idea to drive there and have a look yourself.

    IMPORTANT: YOU ARE NOT ALLOWED TO GO ON PROPERTY TERRITORY.

  3. There is no vacant possession. The successful bidder will not receive a key to the property. The successful bidder is responsible for the eviction process if necessary.
  4. You are responsible for any Federal or Provincial liens on title. We recommend you do a title search before submitting your bid.

    Title Search Report can be ordered from the tender page on www.taxsaleshub.ca. It'll be ready in 1-2 business days.

  5. You should investigate zoning, planning or building restrictions, and work orders.

    Some municipal websites have "Find Your Zoning" page, where you can find out zoning by the roll number. And, of course, you can always go to City Hall and do your research.

  6. You are responsible for any environmental concerns if there are contamination issues with the property.
  7. We recommend to retain a lawyer to protect your interests before submitting a bid.

In order to determine what interests will affect a property after a tax sale, you will need to obtain an up-to-date title search report and an execution search report. Members can order reports directly from our site. An in-house title report specialist will prepare a "Title Search Report" in simple easy to understand language. The Report will tell you if any encumbrances will remain against the property after the tax sale.

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.