If you are in the market to buy a property in Vancouver, you should be aware of a recent tax sale in the area. These sales occur all the time and are often triggered by the failure of a homeowner to pay their property taxes. There are several things that you should know about a tax sale, including the types of properties that are affected, and the costs involved.
Redeeming a property after a tax sale
If your property has been sold at a tax sale, you have a legal right to redeem it. However, the right is subject to a number of conditions. You may need to speak with a qualified foreclosure attorney to learn more.
A tax sale is a type of public auction for the sale of real estate that is delinquent in taxes. Typically, the city or municipality holds the tax sale in the council chambers of a municipal hall. The sale is generally conducted by the collector, who has an obligation under the Land Title Act to offer parcels of land for sale.
In order to redeem a tax-sale property, you have to pay the price the Collector received, plus any interest. You can request a written itemization of the costs that were incurred for the redemption. You can add any legal costs to the total no later than one month before the redemption deadline.
The seller of a tax-sale property is the original owner of the property. He or she must redeem the property within one year of the sale. When the original owner fails to redeem the property, the rights of the other parties to the property are terminated. To redeem the property, the owner must make a diligent search for the buyer at the resale.
Before a tax-sale occurs, the municipality or city must advertise it in the local paper. It must also publish a legal description of the property and the street address of the property. There must be a minimum bid at the upset price, which is equal to the total amount of taxes, penalties and interest that is outstanding.
During the period of redemption, the new owner must pay all of the taxes that were owed to the previous owner. Any legal costs that are incurred by the tax lien holder are reimbursable under the tax sale statute. Once the owner pays the taxes, the lien is released. The lienholder will then send a copy of the release to the county tax office.
You can start the redemption process as early as May. You must have a valid Social Insurance Number and a Business Number. Your name must be on the assessment roll of the city or town you are redeeming your property in.
After you have redeemed your property, the city will remove the tax sale charge from your title. As a result, you will have the option of paying 50% of the Upset Price as a single instalment or as a two-year instalment. Additionally, you must pay all taxes, penalties and interest that are due on the property.
Depending on the province, the interest rate will be based on the purchase value of the property at the Tax Sale. This rate is adjusted quarterly, in accordance with interest trends.
Cost of a title search report after a tax sale
The cost of a title search is a factor to consider when buying a home. A good title report can tell you if the seller actually owns the property or if you are swindling the seller out of their money. However, this process is often left to the experts. Whether you are buying a house, a condo, or a piece of commercial property, you should not take the time to perform a cursory search without a little due diligence.
The cost of a title search can vary depending on the company performing the investigation and the type of search performed. It is also a good idea to use your own common sense when determining which services are best for the job. In some cases, a deed will suffice for the purpose, but in other cases you may need to engage an attorney or a title search service to do the dirty work for you. If you decide to use a title search service, make sure you use a reputable one. Otherwise, you might end up wasting your time and your hard-earned money on a service that turns up nothing.
As you can imagine, the cost of a title search isn’t cheap, but it doesn’t have to be. You can save yourself some cash if you ask the right questions before you begin. For instance, if you are considering a condo or a piece of commercial property, you might be surprised to learn that the title is in question. This is especially true if you haven’t paid much attention to the property’s title.
The cost of a title search is largely dependent on the type of search you perform and the resources you have at your disposal. Luckily, there are some online sites that provide you with free, comprehensive data. These sites can give you the gist of your property’s title without breaking the bank. One such site is ParcelMap BC.
There are numerous other sources of information to choose from. For example, the LTSA does not do a comprehensive title search on your behalf, and you cannot inquire about the quality of the data they produce. Moreover, the LTSA does not have the resources to perform a thorough investigation on your behalf. To the LTSA’s credit, the website is well laid out and informative. But there’s one drawback: LTSA is not available via telephone. Instead, you’ll need to contact an actual LTSA agent to get the details you need.
The cost of a title search may seem daunting, but in reality it is a small price to pay in order to move forward with your purchase. However, if you don’t do your homework, you could end up with a bad title, and you won’t have a leg up on the competition.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.