207 - 723 Twelfth St
InactiveMinimum Starting Bid
$1,828.23
Investment Overview
This property located at 207 - 723 Twelfth St in New Westminster, British Columbia, is being offered for sale through a public auction process for tax arrears. The minimum bid amount is $1,828.23.
The property has an assessed value of $513,000.00, representing a potential opportunity for investors seeking below-market value properties.
British Columbia Tax Sale Process
British Columbia conducts annual tax sales for properties with taxes unpaid for more than 3 years. Properties are sold at public auction.
Redemption Period: 1 year from the date of sale.
Auction Date: October 07, 2024
Important Notice for Buyers
- Properties are sold 'as is, where is' with no warranties or guarantees.
- The municipality does not guarantee clear title. Conduct a title search before bidding.
- Site visits may not be permitted. Use satellite imagery and public records for research.
- There is no vacant possession. Eviction of occupants is the buyer's responsibility.
- Environmental issues and contamination are the buyer's responsibility.
- Check for zoning restrictions, building orders, and municipal liens.
- Consult with a lawyer before submitting a bid.
Investment Opportunity
This property located in New Westminster, British Columbia, represents a tax sale opportunity. The property is being sold via public tender for tax arrears. Ideal for investors looking for below-market value opportunities. Situated near main road arteries, this vacant land offers potential for future development pending municipal approvals.
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menu_book Tax Sale Properties Buyer's Guide
Buying a tax sale property in British Columbia can be a great investment opportunity, but it requires careful due diligence. Tax sales occur when property owners fail to pay their property taxes for an extended period, and the municipality sells the property to recover the outstanding taxes. Here is everything you need to know before bidding:
gavel As-Is Condition
Properties are sold 'as is, where is'. No warranties are given regarding the condition, title, or any encumbrances. You are purchasing whatever interest the municipality has obtained through the tax sale process.
do_not_step Property Access
You do not have the legal right to enter the property prior to purchase. You may only view the property from public areas such as the street. Trespassing laws still apply to prospective bidders.
warning Liens & Mortgages
Most tax sales extinguish existing mortgages and liens. However, Crown liens (federal and provincial) including CRA tax liens may survive. Always conduct a thorough title search before bidding.
description Tender Process
Bids must be submitted in a sealed envelope with a deposit (typically 20% of your bid amount) by the deadline. The highest qualifying bid wins. Deposits are refunded to unsuccessful bidders.
Additional Considerations
- check_circle Redemption Period: Previous owners may have a period to redeem their property by paying all arrears plus costs.
- check_circle Environmental Issues: You may inherit environmental liabilities. Consider an environmental assessment for industrial or commercial properties.
- check_circle Occupants: Properties may still be occupied. Eviction is your responsibility and cost after purchase.
- check_circle Financing: Most lenders will not finance tax sale purchases. Be prepared to pay cash or have alternative financing.
Tender Deadline
October 07, 2024
Municipality
New Westminster
Sale Method
Public Auction
Minimum bid includes outstanding taxes, interest, and costs of sale. Buyer is responsible for all subsequent taxes.
Property Details
Property Characteristics
Assessment Data
From Provincial Assessment Authority
Legal Description
STRATA LOT 12, SUB BLOCK 11, PLAN LMS2161, GROUP 1, NEW WESTMINSTER LAND DISTRICT, OF LOTS 4 & 5; TOGETHER WITH AN INTEREST IN THE COMMON PROPERTY IN PROPORTION TO THE UNIT ENTITLEMENT OF THE STRATA LOT AS SHOWN ON FORM 1 PID: 023-228-067
Financial Details
Title Search Report
Recommended before bidding
Find out what mortgages, liens, and encumbrances may affect this property after the tax sale. Protect your investment with a professional title search.
- Existing mortgages & liens
- Registered easements
- Property ownership history
Location Details
Buyer's Quick Guide
As-Is Condition
Properties are sold 'as is'. No warranties regarding condition.
Tender Process
Bids must be submitted in a sealed envelope with a deposit.
Questions about this sale?
Our experts can help you understand the bidding process.
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