Would you like to buy a building at the tax sale? Here is what you need to know.
When building owners do not pay their municipal taxes or property transfer duties in full, the city will take a number of measures to recover the money owed. As a last resort, if the city is unable to collect the unpaid sums, it is legally required to auction off the building.
The list of buildings for sale is published in September and is regularly updated until the sale takes place in November.
On the day of the sale
People who are interested in buying a building must be present at the location where the auction is to be held. The sale of property for defaulted tax payments usually begins at 10 a.m.
The building owner can pay the taxes due at any time before the sale is to take place and have the building removed from the list. Consequently, buildings can be removed from the list at any time of day.
When a building is put up for sale, interested buyers can go to one of the microphones to present their bid. They must state their name, address and occupation. They must also state whether they are making the bid on their own behalf or for another person or company.
The building is sold to the highest bidder after three calls.
The former owner’s rights
Former owners have a period of one year to exercise their right of withdrawal, meaning that they can buy their building back. Buyers cannot oppose this right. The former owner must pay the buyer the amount paid on the day of the sale plus 10 per cent.
The 2021 sale
The sale took place on November 22.
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