City of Mississauga!

Source: Hannif Highclass
Publish: Toronto Real Estate Blog: Monday, Feb. 29, 201

The sale of land for tax arrears by public tender is governed by the Municipal Act, 2001, S.O. 2001, c.25, including Ontario Regulation 181/03.  A municipality may recover unpaid property taxes through the sale of a property.  By the time a property is eligible for tax sale, the property taxes are at least in their fourth year of arrears.

Tax sales are not typical real estate transactions.  The City is only interested in recovering unpaid taxes and is not obligated to obtain fair market value.  Prior to considering participating in a tax sale, it is recommended that you seek independent legal advice from a lawyer licensed to practice in Ontario and in good standing with the Law Society of Upper Canada.

What you should know about Tax Sale properties

• The City is not aware of the condition of a property being advertised for sale nor does the City make any representation as to its condition.  The City does not provide a survey or reference plan for any parcel of land subject to a tax sale.

• The City is not required to provide vacant possession of any properties which may be occupied and accordingly, the purchaser should contact their lawyer.

• The onus is on the tenderer to conduct his/her own inquiries into the characteristics and conditions of the property including zoning, access, work orders, water/hydro and other arrears, building restriction, title problems,  liens, etc., each of which may survive the tax sale. The City makes no representations whatsoever as to the quality and/or size of the land being purchased.

• Properties sold through the tax sale process are sold without warranty and are sold as is.

• The City does not provide access to properties that are subject to a tax sale.  The City does not have a key to the property and is not in a position to provide one to the purchaser.

• The City does not provide legal advice in respect of tax sales or any other matters.

Tender Process

• Tax sales are conducted through a public tender process.  Tenders must be submitted in a sealed envelope prior to the specified time using prescribed Form 7, Tender to Purchase as per the Municipal Act, 2001.  The tender must include a deposit of at least 20% of the tendered amount in the form of a money order, bank draft, or cheque certified by a bank or trust corporation.

• Tenders are opened in a public forum on the date and time advertised.  Following the opening, the City reviews all tenderer’s for legislative compliance and determines the two highest qualified tenderer.  Rejected tenders are returned by registered mail to the tenderer along with their deposit and reason for rejection.

• The City will notify the highest tenderer of the balance to be paid in order for the tenderer to be declared the successful purchaser.  The balance due must be paid in full within 14 calendar days of the mailing date of the notice.  Upon receiving notification, the highest tenderer should immediately retain a lawyer licensed to practice in Ontario and in good standing with the Law Society of Upper Canada.  If the balance is not paid within the 14 days, the tenderer’s deposit is forfeited and the property is offered for sale in the same manner to the second highest qualified tenderer.

• If there is no successful tenderer, the lands may vest to the City.

• The City reserves the right to withdraw any property from the tax sale process at any time prior to registration of a tax deed without notice.

THE TENDERS are invited for the purchase of the land(s) described below and will be received until 3:00 p.m. local time on March 21, 2012, at the City of Mississauga, Civic Centre, Materiel Management, Corporate Services Department, 1st Floor, 300 City Centre Drive, Mississauga, Ontario L5B 3C1 
Tenders will then be opened in public on the same day at 3:30 p.m. at 300 City Centre Drive, 2nd Floor, Committee Room A, Mississauga, Ontario L5B 3C1
 

LIST OF CURRENT PROPERTIES FOR SAL

Address	Property Photo
145 Traders Blvd. E., Unit 42, Mississauga, Ontario, L4Z 3L3 PIN: 194710042 Minimum Tender Amount: $56,588.66
2445 Homelands Drive, Unit 55, Mississauga, Ontario, L5K 2C6 PIN:190390055 Minimum Tender Amount: $30,561.65
Abana Road, Mississauga, Ontario, PIN:135040403 Minimum Tender Amount: $41,270.04
4149 Pascal Court, Mississauga, Ontario, L4W 3C4 PIN:133070022 Minimum Tender Amount: $40,863.85

Courtesy: City of Mississauga

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