A tax sale is sale of a real estate property that results when a taxpayer reaches a certain point of arrears in his or her owed property tax payments.
When a tax sale is initiated, the property owner has a right of redemption period. During this period, he or she has the opportunity to pay off the tax arrears in full and reclaim the property. If the property owner fails to pay the back taxes, along with any interest accrued, the property is then eligible to be sold by the Town of Rainy River through a bidding process.
Tax Sales are not typical real estate transactions. If you are considering participating in a tax sale, it is highly 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.
Before you submit a tender for a tax sale property, be aware of the following:
Tax Sale Property - Tender Period Ends June 19, 2019
Town of Rainy River
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