The Vancouver Tax Sale is a public sale whereby property is sold “as is”. As a result, property is sold “as is.” If no heirs or will exists, the property may pass to the Crown. However, a successful bidder may be able to redeem the property.
Bidding is accepted at Vancouver Tax Sale
The annual Vancouver Tax Sale is a public auction for properties that have unpaid property taxes. The properties are listed on the city’s website a week before the auction, and anyone can bid for them. The successful bidders receive their deposit back, plus six per cent interest. The auction takes place in the Council Chambers in the Municipal Hall.
After the auction, the original owners have one year to pay off the taxes on the property or the City will take back the property. However, if the original owner doesn’t pay their taxes, the bidder can still reclaim the property. The City will then return the money to the bidder, plus 6% interest, and the bidder becomes the official owner of the property. In total, there are 18 commercial and residential properties on sale, ranging in price from $547 to a $200,000 condo in Gastown.
As with any public auction, there are rules and regulations regarding the bids. The highest bidder is the one allowed to purchase the property. Once the winning bidder wins, he or she must provide his or her personal information to complete the transaction. The maximum bid must be higher than the minimum bid set for each property.
Bidders must present a photo ID and Social Insurance Number. Bidders must also produce a company seal and be able to show proof of business ownership. The Collector is not responsible for accepting personal checks. He or she may offer the property for auction again. It is best to be prepared to pay the entire amount in cash.
Bidding is accepted on all 18 properties on the list. However, prospective bidders are encouraged to check the title of the property before placing a bid. The minimum bid is the Upset Price (the amount owed in delinquent taxes plus interest). If the bidder is successful, the bidder must pay the balance within three hours after the auction. Otherwise, the property will be offered for auction again on the next day at 10:00 a.m.
Property is sold “as is”
A “for sale by owner” (FSBO) home is a property that is listed “as is.” The seller is required to disclose any known problems with the home and to allow the buyer to inspect it before the contract is signed. Often, a seller chooses to sell a home “as is” to save money on commissions and other fees. While this type of situation is more appealing to non-investor buyers, the sale of an as-is home is never completely free of responsibility.
Buying an as-is home is a good way to get a great deal on a home. While most buyers prefer move-in-ready homes, many investors are willing to purchase “as is” homes because they offer better ROI. However, this option is not for everyone. While a seller can make repairs to the property before selling it, most buyers are looking for properties that are “move-in ready” so that they can move right in.
A seller must clearly state the condition of a property when it is listed for sale. This will help avoid any potential misunderstandings about the property. Moreover, this option is beneficial to those who do not want to invest time and money in repairing the property. In fact, it can be a lucrative opportunity for real estate investors who are willing to undertake some repairs and renovations.
A seller should always disclose any known problems or flaws with their property when it is listed for sale. Failure to do so can lead to legal penalties. A seller is generally more likely to sell an “as is” home for less than its comparables. The lower asking price is usually what attracts investors to such a home. If the buyer doesn’t care about the kitchen or other cosmetic issues, they will likely bid aggressively on the property and avoid the need to make any repairs.
Buying an “as is” home involves a higher degree of risk than buying a comparable home. Nonetheless, this approach often results in a lower price, but buyers may have to do some costly repairs themselves. The buyer should consider any repairs that are necessary before closing the deal. In addition, a seller should also disclose any defects that could affect the value of the property.
Property may pass to Crown in absence of will or heirs
If you have a property that owes taxes, you may be wondering what happens if you die before the taxes are paid. If you pass away without a will, your property may end up in the hands of the Crown. The Vancouver Charter allows the city to sell off unpaid property taxes at auction. The buyer of the property must pay the “upset price” to the city, which includes delinquent taxes, penalty interest, and registration fees.
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.