You will learn the pitfalls to avoid, the clauses you could expect to see in an offer and read about the special clauses you can insert into your offer when you buy a Power of Sale Property. I will also explain the remedies open to sellers of these types of properties and how this affects you.
You have found the first page of a series of pages that deals with the above issues. I will use plain language throughout this series of articles and educate you regarding power of sale properties in Ontario.
You may sit back and read through each page or you may navigate to the page that interests you most using the quick links at the top or bottom of this page to browse to the section that most interests you.
Either way, I know that after reading this section of my website you will be much more knowledgeable and prepared to purchase a Power of Sale (POS) property and you will also know the pitfalls and areas to avoid and where to use caution.
At all times, legal advice is a must when buying a Power of Sale. Similar to all my cautions throughout my website, real estate is a very complicated undertaking and complex process that involves many legal terms and procedure. I always recommend that you speak with a lawyer before you put pen to paper and I have a section where I can refer you to a few lawyers that I have found to be very competent real estate lawyers. See them here.
Let’s dive right in.
First I will give you a brief overview of Power of Sale (POS) properties in Ontario, then we will talk about the different remedies that are available to mortgagee such as quit claim deed, foreclosure and POS and finally we will talk about Power of Sale properties in detail, what clauses to insert in your offer and my conclusions and recommendations to help you when you submit an offer on a POS property.
In a nutshell: What we are really referring to when we talk about Power of Sale properties is that power of sale is one of a few remedies that are available to mortgage companies when the owner of a property does not make their mortgage payments. Power of Sale happens to be the most common choice in Ontario.
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The next section will cover the options open to the Bank when the owner stops making mortgage payments