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Interested In Buying a Power-Of-Sale Property?
Power of Sale: The legal right of the mortgagee to force the sale of a property without judicial proceedings should default occur. GTA Toronto Power of Sale is the most frequently used method by which a mortgagee remedies a default by a mortgagor. The term indicates a sale under the power contained in the mortgage document or in the Mortgages Act.
Notices: The mortgagee is not permitted to commence a power of sale immediately following default. If the mortgage document includes a power of sale provision, the mortgagee must wait until the default has continued for at least 15 days. Once the 15-day period has expired, a notice of exercising the power of sale can be sent out. This notice must allow at least 35 days to remedy the problem. After the 35-day period has expired, a sale may take place.
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