Canadian Real Estate/Tax Deed sales
I live in California, but plan to retire in Canada. I have been studying Tax Deeds sales and would like to try to acquire a Tax Deed property in Ontario province. I have relatives there to help me. My question is, are you familiar with this process and if so, what pitfalls have you seen burn investors using this process and what is your opinion about acquiring properties this way for people willing to due their due diligence.
Hi Vic, unfortunately this is not my area of expertise. I think you are referring to a seized parcel of land if the taxes are not paid? Usually through auction by the government/crown?
Foreclosure is very rare here, we usually use a power of sale by the mortgagee. The money from the sale first goes to them and the balance to the mortgagor.
Property values are very high here and keep rising so there are not so many cases of people not paying the taxes and forfeiting the property.
Not sure if this link is helpful or not but there are people that specialize in this and it is probably best to consult them.
As for pitfalls, I think that there is a possibility most of these are being sold AS IS. that would bother me if I was not able to do a home inspection. I would also recommend taking title insurance for sure.