Nov 7,2012 Vancouver Tax Sale Properties

[Navtaj Chandhoke]

Nov 7,2012 Vancouver Tax Sale Properties

Date: Wednesday, November 7, 2012

Time: 10 am

Place: Vancouver City Hall, Council Chambers (3rd floor)

Tax Sale List PDF (list only available one week prior to annual November tax sale)

In order to encourage timely payment of taxes, the City under authority of the Vancouver Charter (sections 422 to 454), holds an annual Tax Sale each November. The Tax Sale is a public auction of any properties with taxes unpaid at the end of three years.

The current owner(s) or registered charge holders have one year after the property is sold at Tax Sale to pay the Upset Price and interest, to redeem the property from the Tax Sale process. The Upset Price is the total of the oldest years’ taxes plus interest to the date of sale plus other additional charges as required under the Charter. Once a property is redeemed, the City will refund the successful bidder monies paid, plus interest to the date of redemption.

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If the property is not redeemed, the process to transfer ownership of the property to the new owner commences.

The City of Vancouver makes no representation expressed or implied as to the condition or quality of the properties being offered for sale. Prospective purchasers are urged to research the properties and make all necessary inquiries to municipal and other government departments to determine the existence of any bylaws, restriction, charges or other conditions which may affect the value or suitability of the properties.

Obtaining the Tax Sale List

For the one week period prior to the auction, the City releases a Tax Sale List identifying the properties liable for tax sale. The list may be updated daily and changes may occur up to and during the Tax Sale auction.

The list is no longer available for in-person pick-up nor posted in the City Hall foyer.

Auction Process

Seating capacity is limited and available on a first come, first served basis. There is no pre-registration to participate in the Tax Sale auction.

In-person attendance is required to participate in the auction. Bidders do not require registration cards to bid. Bids must be called out during the auction, and the auctioneer will acknowledge bids received.

Bidding begins with the Upset Price and is followed by surplus bids over the Upset Price.

Successful bidders are required to:

state their occupation

provide their Social Insurance Number

Making Payments

Successful bidders must secure their bid by paying the Upset Price. Payments will be accepted starting one hour after the completion of the auction to 12 pm of the following day and may be made by cash, debit card, certified cheque, or money order (payable to the City of Vancouver). If intending to pay via debit card, you may wish to contact your financial institution in advance to determine your daily limit. Upon payment, the successful bidder receives a Certificate of Purchase.

If the property is not redeemed by the end of the redemption period (one year after the auction) the successful bidder must pay the surplus bid amount within 30 days.

Contacts

For additional information or if you are a property owner facing Tax Sale, City staff are available seven days a week from 7 am – 10 pm:

From within Vancouver 3-1-1

From outside Vancouver 604-873-7000

Translation services available in 150+ languages

DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

Speaking Engagements

Navtaj Chandhoke can be your next key note speaker for real estate office meeting or Canadian real estate investment conventions, expos or trade shows.please contact us for topics and availability.

Please contact us directly at Pam@WorldWealthBuilders.com or 647-393-6100 to set up a session at your meeting or convention.

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