Failure to pay municipal property taxes for over three consecutive years results in a property being placed for tax sale in British Columbia. This can be an excellent opportunity for Canadian real estate investors, once they understand the local Government Act. This Act gives the collector the authority to sell a property for the upset price. The upset price is the total of all outstanding taxes plus interest, 5% of tax sale costs, and the Land Titles office fees.
The word foreclosure means “to deprive a borrower [in default] of the right to redeem the mortgaged property.” In British Columbia, the foreclosure process it is a Judicial Sale.
Mortgages are not that simple.They can be lot more complicated depending upon the lenders,the borrowers and the terms.Even though mortgage industry is heavily regulated and guarded to protect the Real Estate Investors and property owners.There are several key components to each mortgage.Most of Real Estate investors have very little knowledge about it.Majority of Real estate investors assume and presume,that is where they fall into cracks and suffer huge losses.
Whenever there is default in mortgage payments, the lender have the right to recover and safeguard their interest. Both lender and property owners have to follow the Ontario Mortgage Act to protect themselves under the privileges available for both of them.
The purpose of obtaining an appraisal is to have a professional determining the current value of a property. The definition of a market value is: the highest price in terms of money which a property will bring in a competitive and open market under all condition requisite to a fair sale, a buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus.
The word “foreclosure” is a nightmare for the property owner as well as for the Lender. It happens all the time, regardless which cycle the market is going through, although the numbers do tend to go up during the Real estate bust cycle.
The Residential Tenancy Act provides the protection for both the landlord and the tenant. This act is also governed by the landlord and tenant board. In case there is a rental dispute and the landlord is proceeding to have the tenant evicted, the tenant can exercise the right to stay in the property.
By Navtaj Chandhoke
Under the landlord and tenant board and the residential tenancy act, the landlord must obtain an order from the Superior Court of Justice to evict a tenant in the province of Ontario. If the tenant does not leave by his own free will, then there are privileges available for the landlord to utilize: such as the services of an enforcement officer (Sheriff).
Since the eviction may or may not have been enforced by the enforcement officer (Sheriff), the tenant may not have enough time to take all their belongings with them. The law states that the tenant must claim his/her belongings within 72 hours of eviction between the hours of 8 am to 8 pm, after giving notice to the landlord.
In the Alberta foreclosure process, once a Statement of Claim has been filed and served to all the parties, the property owner has 15 days to file a Statement of Defense or a Demand of Notice. Generally speaking, a Statement of Defense should be filed when the liability of the property owner is in dispute.
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