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City of Mississauga Tax Sales and how properties are sold by Sale of Land by Public Tender in The City of Mississauga

This page will outline the procedure and sale of municipal lands in the City of Mississauga and give an example of buying a tax sale property in the City of Mississauga, Ontario, Canada

SALE OF LAND BY PUBLIC TENDER MISSISSAUGA

The Sale of Land by Public Tender in the City of Mississauga is governed under the Municipal Act, 2001

Normally the sale of the land has a deadline date for submission of your offer/bid and are normally given as a date and time and location of the bid.

It is incumbent upon you to investigate and determine all aspects of the land that is being offered for sale in the City of Mississauga and these items may include but are not limited to.

Some of the items that you are solely responsible for and obligated to determine are:

Examples of some current lands that are being offered by the City of Mississauga under Tax Sale

Take Notice that tenders are invited for the purchase of the lands described below and will be received until 3:00 p.m. local time on Wednesday, February 20, 2008 at Materiel Management, Corporate Services Department, 4th Floor, 300 City Centre Drive, Mississauga, Ontario.

The tenders will then be opened in public on the same day at 4:00 p.m. in Committee Room “B” (located on 2nd floor) at Mississauga City Hall, 300 City Centre Drive, Mississauga, Ontario.

Description of Lands:

1. Legal Description: Part of Lot 2, Concession 4, West of Hurontario Street, Toronto
Township, designated as Part 1, Reference Plan 43R13571,
City of Mississauga, Regional Municipality of Peel - (PIN: 13196-0850 (LT))
Roll No.: 21-05-040-097-16690-0000
Municipal Address: 0 Barbertown Road, Mississauga
Minimum Tender Amount: $ 5,921.74
(Set out the cancellation price as of the first day of advertising)

2. Legal Description: Block E, Plan 967,
City of Mississauga, Regional Municipality of Peel
(PIN: 13356-0047 (LT))
Roll No.: 21-05-060-128-61600-0000
Municipal Address: 0 Callum Avenue, Mississauga
Minimum Tender Amount: $ 54,961.54
(Set out the cancellation price as of the first day of advertising)

3. Legal Description: Units 2-13, 15-59, 62-89, 92, 96-101, 109-147, 150, 151, 153-164,
Level A, Peel Condominium Plan No. 294,
City of Mississauga, Regional Municipality of Peel
Roll No.: 21-05-040-155-01485-0000
Municipal Address: 2000 Credit Valley Road, Mississauga
Minimum Tender Amount: $ 526,623.07
(Set out the cancellation price as of the first day of advertising)

4. Legal Description: Block 15, Plan 43M1198
City of Mississauga, Regional Municipality of Peel
(PIN: 13185-0196 (LT))
Roll No.: 21-05-040-096-55098-0000
Municipal Address: 0 Hollymount Drive, Mississauga
Minimum Tender Amount: $ 7,816.84
(Set out the cancellation price as of the first day of advertising)

5. Legal Description: Block 72, Plan 43M452
City of Mississauga, Regional Municipality of Peel
(PIN: 13448-0114 (LT))
Roll No.: 21-05-020-024-34010-0000
Municipal Address: 0 Lakeshore Road West, Mississauga
Minimum Tender Amount: $ 29,987.58
(Set out the cancellation price as of the first day of advertising)

Tenders must meet the following criteria

Tenders must be submitted in the prescribed form and must be accompanied by a deposit in the form of a money order, bank draft or cheque certified by a bank or trust corporation payable to The Corporation of the City of Mississauga and representing at least 20 per cent of the tender amount.

Except as follows, the municipality makes no representation regarding the title to or any other matters relating to the lands to be sold. Responsibility for ascertaining these matters rests with the potential purchasers. The municipality has no obligation to provide vacant possession to the successful purchaser.

This sale is governed by the Municipal Act, 2001 and the Municipal Tax Sales Rules made under that Act. The successful purchaser will be required to pay the amount tendered plus accumulated taxes, the relevant land transfer tax, and GST if applicable. 

For further information regarding this sale and a copy of the prescribed form of tender contact the person named below and reference file number

Name of Municipality or Board
The Corporation of the City of Mississauga
Address of Municipality or Board
Corporate Services Department, Materiel Management
4th Fl., 300 City Centre Dr., Mississauga, ON L5B 3C1

In a nutshell, City of Mississauga Tax Sales and tax sale tenders and tax sale auctions allow investors the opportunity to obtain real estate property by purchasing the outstanding property taxes that are due to the municipality.  When the buyer pays off these past due taxes this can eventually result in full ownership of the property.  At the very least, buying a tax sale property can allow investors great assurance of some return of their original investment, plus some profit if they investigate the property thoroughly and perform their due diligence.  If you would like to have tax sale properties sent to you, please use this link to have Power of Sale MLS properties delivered to your email

 

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Definition of a Tax Sale Property A tax sale is the sale of a property by municipal or government tax authorities in cases where the owner has failed to pay the outstanding property taxes.   The sale can be held by public auction, by public tender or by sealed bids.  Usually, the successful purchaser acquires nearly immediate clear title and immediate possession of the property.  On occasion, the purchaser's right to possession of the property is postponed in order to enable the delinquent taxpayer a specified period of time in which to repay the tax. There are risks involved, but smart investors who do their research are assured of returns on their investment, depending on the property.  Very few legal investments can beat this guarantee.  The proceeds of the sale are used to pay the unpaid taxes and other expenses that were incurred in listing the property. The balance, if any, is usually given to the delinquent taxpayer. Occasionally, when taxes due on a property remain unpaid, the tax authority may sell, at public auction, a "lien" obtained against the delinquent taxpayer's property. The successful bidder can subsequently convert this lien into ownership of the property if the sums due are not paid by the delinquent taxpayer within a specified redemption period. Tax sales occur in every province of Canada. However, the disposition of these properties varies because municipal and provincial laws governing these sales differ from province to province.  In Ontario, the process is as outlined below. By submitting this form you are agreeing to these terms.  By submitting this form you are also agreeing to sign up to receive my newsletter.  It could be worse!   You can always unsubscribe after you receive your first issue.  Privacy Policy  You may read the latest issue of my On-Line Real Estate Newsletter before you decide. Yes, I agree to the above I would have signed up anyway Yes, I agree, but I would prefer not to sign up | Agents and Realtors beware | Power of Sale Properties What is a Power of Sale Property? In Ontario when a borrower defaults on a home mortgage, the bank/lender most often attempts to recover its losses by selling the property using the Power of Sale clause contained in the mortgage.  Due to legal fees, foregone interest and other property expenses, the estimated losses to the bank for Power of Sale properties can range from 10 percent to 30 percent of the outstanding loan balances.  There are other variables that can affect the losses or costs when a property is sold via power of sale such as the deterioration of the property and the time it takes to process the paperwork. Definition of Power of Sale:  A clause commonly inserted in a mortgage and deed of trust that grants the creditor or trustee the right and authority, upon default in the payment of the debt, to advertise and sell the property through any means at it's disposal, usually MLS in Ontario or at public auction, without resorting to a court for authorization to do so. Once the creditor is paid out of the net proceeds, the property is transferred by deed to the purchaser, and the surplus, if any, is returned to the debtor.  The debtor is thereby completely divested of any interest in the property and has no subsequent right of redemption (recovery of property by paying the mortgage debt in full). You will often see advertisements about Court Auctions, Pre-Forclosures, Homeowners in Bankruptcy, HUD Homes, VA Homes, Government homes and similar sounding wording.  In my experience, some of these types of investment property opportunities come out of the US and are not as common here in Ontario.  In our trading area, most of the POS, Tax Sale properties or foreclosure properties are put on the MLS.  The reason for this is that our provincial laws are very strict about the procedure and marketing of a power of sale property and the company or person who is initiating the power of sale must do their best to obtain what is called TRUE market value as opposed to fair market value for the property, otherwise if the property is sold too far under TRUE market value, the owner could sue them for the difference. Read more about Power of Sales and Bank Foreclosure and Distress Property Sales

You will receive a very fast answer from me, thank you and have a great day!  Mark

The real estate taxes assessed by the local taxing authority have the primary lien on the property.  This primary lien means that they are the first to be paid from any sale of the property.  This lien also allows the taxing authority—or their assigned agent—to foreclose on the property if the property taxes are not paid and sell the property in an attempt to recoup the outstanding property taxes owed.

Typical Process of purchasing a Tax Sale Property in Ontario

Tax Sale Example Procedure

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Thus, you will benefit from using the services of a selling agent such as myself to help you through all the complexities of purchasing a power of sale property and to represent your best interests for your purchase.  My obligation is to help you obtain the property at the best price and terms for you.   Let's begin!

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You may wish to learn more and read a very detailed analysis of Power of Sale Properties

Power of Sale and Tax Sale properties - questions and answers