Category Archives: Real estate strategies

Announcement: Acquiring Tax Sale properties in Canada

Secrets of Super Wealthy Professional Real Estate Investors part 1 of 10

Many provinces in Canada levy property tax on Real Estate based upon the current use and value of the land and this is the major source of revenue for most municipal governments in Canada. While property tax levels vary between municipalities in a province there is usually common property assessment or valuation criteria laid out in provincial legislation. The municipality has the right to collect property taxes owing even if they have to sell the property to recuperate the property taxes owing. These properties are never listed on MLS or Real Estate Brokers. This is another secret of super wealthy Professional Canadian Real Estate Investors and or Apprentices to acquiring Tax Sale properties in Canada.

Acquiring Tax Sale properties in Canada

The secret of super wealthy Canadian Professional Real Estate Investors and or Apprentices have used this secret to build huge wealth. The city or municipalities are not required to sell these properties at market value, instead they sell them for the amount of taxes owing. This way the Professional Real Estate Investors can buy a property for 10 cents a dollar. The key is to learn the act, law and the process to find and finance them and than make a great fortune.

Acquiring Tax Sale properties in Canada

What is a Canadian Property Tax Sale

Simply put, tax sales are public auctions where properties are sold to the highest bidder.  Throughout the year, cities, towns, villages, townships and municipalities, in each province, compile a list of properties against which taxes have been outstanding for at least two consecutive years.  After this two year period, the municipal treasurer prepares a tax arrears certificate and registers it against the property in question.

This certificate gives an accurate description of the property and indicates that the land will be sold by public sale if all taxes are not paid to the municipality within one year of the registration of the certificate.

In spite of the municipality's efforts to collect these taxes, they often go unpaid and the properties are put up for auction, allowing the public and the super wealthy Canadian Professional Real Estate Investors and or Apprentices the opportunity to purchase these properties and this is how you get real bargains.  Property can be bought for as low as 10 cents on a dollar.

Professional Canadian Real Estate Investors and or Apprentices can buy property "free and clear" at a tax defaulted deed auction. These taxing agencies sell property to the highest bidder in an effort to recover the original taxes and costs due.

 Why the Canadian Property Owners don’t pay their Property taxes?

There are many reasons why properties are sold for non-payment of taxes. Some of the most common ones are financial difficulties, law suits, ignorance, death of an owner (with no apparent will or heir), owner living abroad and not realizing his/her obligations, owner moved and cannot be traced, disputes of ownership with no party resorting to the courts for settlement, etc....

How to become a Professional Canadian Real Estate Investor and/or Apprentice

Proper education and training makes all the difference!  By becoming an Apprentice of World Wealth Builders and a member of the Professional Canadian Real Estate Investors and or Apprentices website, you will have access to: 

  1. Current Listings of Tax Sale Properties being sold for delinquent taxes
  2. Sheriff sales (property seized by local authorities)
  3. Canadian Grants

The Property Tax Sale advertisements are gathered directly from many different sources including the websites of the city and the provincial courts. 

What kind of properties get SOLD In Canadian Tax sales

They can include vacant lands (such as bush lots and timberland), improved lands (such as farms, cottages and houses), commercial or industrial properties, and occasionally islands. They vary from small lots to large parcels, with hundreds of acres. 

How do the Professional Canadian Real Estate Investors and/or Apprentices BUY these properties at basement bargain prices

First you have to learn the proper law, act and its implementation including the exemptions. Proper education, training and knowledge in order to obtain where, when and how to do it is mandatory unless otherwise you want to buy a lemon....

There are two ways in which tax authorities sell properties: either by public auction or public tender, with sealed/closed bids.

Public Auction for Canadian Tax Sale Properties

This format is similar to other auction formats.  An auctioneer accepts bids from several bidders and then recognizes the highest bidder as the winner.  The place, date, and time of the auction will be clearly defined by the municipality and can be found in the auction advertisement on our website.

If you are the highest bidder, you will be required to pay the amount that was bid and any applicable land transfer tax to the auctioneer by money order, bank draft or certified check.

Public Tender for Canadian Tax Sale Properties

If you wish to submit a tender, you can ordinarily obtain a tender form the municipal office, which will be identified in the sale advertisement on our website. Your submitted tender should be accompanied by a deposit, usually 20 percent (but specified by the sale advertisement) of the tender amount, in the form of a money order, bank draft or certified check.

Your tender form, along with the deposit, should be enclosed in a sealed envelope, which is labeled as "tax sale for" and a short description or municipal address of the property to indicate which property the tender is for. Then, enclose that envelope in a second envelope, addressed to the treasurer of the municipality, as indicated in the sale advertisement and on our website.

The above article provides general commentary of an educational nature. It does not constitute advice for any specific person or any specific set of circumstances. Because circumstances vary, readers should consult professional advisers in order to obtain advice that is applicable to their specific circumstances.

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We Buy Houses

We Buy Houses

We buy houses

Dear property seller,

We buy houses from homeowners who are experiencing the maddening frustrations--of trying to sell their homes quickly, and make a decent profit on the deal.

We Buy Houses

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Home Inspection Clause

How to write home inspection clauses when you are buying or selling Real Estate can make a difference between a deal maker or breaker. A typical home inspection clause by a Realtor is usually sufficient for average Home buyer or seller. But if you are sophisticated Real Estate Investor, you need to protect yourself with proper wording.

home inspection clause

  • What is the purpose of inspection clause?
  • Does a home inspection condition give a Home buyer a right to cancel the
    Purchase and sale agreement or the contract any time ?
  • Is the Property owners is entitled to a copy of the home inspection report if they want to share the cost of inspection?
  • If the report shows only minor problems, is the seller entitled to just fix the problems and ask the property buyer to complete the transaction?
  • What happens if the buyer does not obtain a home inspection at all and then tries to get out of the deal?
  • Who can be the home inspector?

In general, the ethics have indicated that when buyers are trying to satisfy any condition, including a home inspection condition, they must act honestly, reasonably and in good faith.

If you are buying then the following home inspection condition shall be in your contract

"This agreement is conditional upon the inspection of the property of the purchaser's choice and expense, and receipt of a report satisfactory to him, in his sole and absolute discretion within ten banking days failing which this agreement becomes null and void"

Then you are not satisfied with the inspection report, then you can ask for the deposit to be returned without any deductions and sign mutual release at the same time.

As a result, many sellers try to remove the words "sole and absolute discretion" from home inspection condition clauses.

If you are selling and you must insert following wording to protect yourself by  Including additional language that if the amount to correct all deficiencies is less than $1,000, then the seller has the right to correct the deficiencies before closing or within thirty days and have the right to have a copy of inspection report. The inspection must be carried out by licensed or certified home inspector who carries error and omission insurance.

If you are a buyer and any change is made to the home inspection condition clause, you need to review the changes carefully with your Realtor and Real Estate lawyer as your rights might be impacted.

Sellers are not entitled to a copy of the inspection report unless it says so in the clause itself.

If the buyer does not conduct the home inspection at all, or perhaps brings in an
Un qualified person to conduct the inspection, then the buyer must remove this condition in writing within ten banking days as per original contract.

That is why any home inspection condition must be drafted carefully and approved by your Real Estate lawyer before the offer is being presented.

World Wealth Builders offers many unique, practical, out of the box real estate investor apprenticeships which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to http://www.WorldWealthBuilders.com/live.html
The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case

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home inspection clause

Your success is our Passion!

Other People’s Money

Having no money holding you back from investing in Real Estate? We got the solution for you!The simple solution is Other People's Money!

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Down Payment Assistance Program in region of Peel

Down Payment Assistance Program, What is the The Down Payment Assistance Program in region of Peel ?

 

The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.down payment assistance program

7 Simple Repairs That Will Help Sell Your Home Faster

There’s a lot of competition in the housing market these days. Here are the top  secrets revealed by professional Real Estate Investor.

7 Simple Repairs That Will Help Sell Your Home Faster
7 Simple Repairs That Will Help Sell Your Home Faster

When you put your home up for sale, you’re bound to be up against several other similar listings. That’s why it is important to make sure your property is in a good state of repair so that it makes a good impression on potential buyers.

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Passive Income in Real Estate

No fluff, No filler, Real Education for Real Estate Investors.

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part 1 0f 10 series

Let the Government pay your Down Payment

Everything you need to know

to be successful in Real Estate Investments to

generate Passive Income in Real Estate

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Passive income in Real Estate

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Rules of Success

Rules of success can be vary but the basics remain the same. “A journey of a thousand miles must begin with a single step.” Chinese philosopher Success RulesLao-tzu said this during the sixth century BC. It is fantastic advice, and it has lived through the ages. The fact that you are reading this — taking a step — mean you will have an advantage over your competitors.

Success Rules

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House Number (Tetraphobia) Can dictate property Prices

Tetraphobia is an aversion to or fear of the number. The house number can be goldmine or a curse depending upon the people you are dealing with. The superstitious is alive and well" says Navtaj Chandhoke, founder of one of the largest Canadian Professional Real Estate Investors group (PREIG) CanadaI have seen people paying premium for numbers like 3, 8, 786 and so on and you will be bidding war, no matter what the economy is doing compare to number 4, 13 and 666 which means you will have extremely difficult time to sell and at much lower price."

Tetraphobia

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Stay Hungry Stay Foolish

 "And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle."- Steve Jobs, founder of Apple Computer Inc

This articles is not about real estate. In fact it is the reproduction of a man's 2005 address to Stanford University, one of the finest universities in America, and the man who made it has had as much, if not more, effect than anyone to further the technological world we now live and operate in.

stay hungry stay foolish

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