toronto homes for sale


Power of Sale Homes in Toronto(416) & Greater Toronto (905) Area


 

A shark's primary sense is a keen sense of smell. It can detect one drop of blood in a million drops of water (25 gallons or 100 liters) and can smell blood 0.25 mile (0.4 km) away. Its paired nostrils are on the underside of its snout. Water continually flows through the nostrils, giving the shark olfactory information. Unlike humans, shark nostrils have nothing to do with breathing - they are not even connected to the mouth.   The point I'm trying to make is that after years in the business ,my senses are strong as a Shark's , I can smell and recommed good properties out of the thousands that are on the market today , only for my buyers ,and I dare you to challenge my senses .                                                   

    


Searching for Power of Sale -Bank Sale-Foreclosure Homes?

Do you want to buy properties in The Toronto and

GTA market , which the banks have taken over and got to sell . 

Fill up the form below and I can communicate with you to find the best deals for you.

 

Power of Sale Listings Handshake

 

 

 


No Matching Listings Found

View listings in: or Get New Listings in Google Toolbar

BUYER FOR -TORONTO BANK SALES - READ ON MORE .............


 

power of sale graphic

As a member of the TORONTO power of sale mailing list you will be advised of:

 

    • Properties that are identified as being sold under power of sale , conditions.
    • Properties that are being sold by banks or trust companies. While these properties may not be sold under power of sale conditions my clients that were interested in power of sale listings were also interested in seeing these listings sold under bank sales or foreclosure.
    • Properties that are being sold by an estate. Estate sales are not the sale as power of sale, however clients that were interested in the power of sale were also interested in the estate sales.

 

The Power of Sale/Foreclosure Process in Ontario

Foreclosure proceedings in Ontario are quite speedy, as the proceedings are usually laid out in the mortgage documents. Power of sale was initially developed in Ontario by lenders who wanted a faster way to dispose of property and recover debt. As a result, they began to include power of sale provisions in mortgages that would allow them to dispose of property under the borrower’s default and without having to resort to the courts.Toronto Power of sale is now part of the Ontario Mortgages Act.

The Mortgages Act refers to two types of Toronto power of sale: Contractual and statutory. Contractual Toronto  power of sale is when the mortgage documents have included power of sale provisions. Statutory power of sale is when the mortgage documents have not included Toronto power of sale provisions. While statutory power of sale is very rare, the lender can still exercise power of sale as long as the borrower has defaulted for three months or more.

Both types of Toronto power of sale are started by giving a notice to the borrower after 15 days of default. The notice must be given to anyone having an interest in the property, including subsequent encumbrancers, statutory lien holders, or people who have advised the lender in writing, that they have an interest in the property.

The notice is attached to the Mortgages Act, and is called a Notice of Sale Under Mortgage. It advised of the lender’s intention to exercise the power of sale, and includes details of the mortgage, such as:

  • The date the mortgage was made.
  • The parties to the mortgage and the property mortgaged.
  • The amounts owing.
  • A warning that if the amounts owing are not paid by a specified date, the lender will sell the property.

If the power of sale is contractual, the borrower has 35 days to pay, unless otherwise stated in the mortgage agreements. If the power of sale is statutory, the borrower has 45 days to pay. The lender cannot do anything further within this “redemption” period, but by paying the amounts owing, the borrower can redeem the mortgage.

Once the redemption period expires and the borrower has failed to correct the default, the lender can sell the property. Under power of sale, the property can be sold by auction, private contract, or tender. Usually the property is listed with a real estate agent and placed on the market for sale. To ensure that the property comes to the attention of a large segment of the market, guidelines have been set up, including; listing the property with a multiple listing service, obtaining appraisals, and ensuring the listing is for the usual period of such properties.

Once the property is sold and if there is any surplus, the lender must account to the borrower(s), and other subsequent encumbrancers. The Mortgage Act requires that the proceeds of the sale first be applied to the cost of conducting the sale, then to interest and cost owing under the mortgage, then to principal money owing under the mortgage, next to pay any amounts due to subsequent encumbrancers, and finally to pay tenants’ security deposits


BUYING A POWER OF SALE PROPERTY

Are you considering purchasing a home being sold by power of sale? If so, you should know how such a purchase is different from most real estate purchases. This article will deal with the reason why you may have unrealistic expectations about price, and will point out some of the perils of such a purchase.

The normal real estate sale involves the owner of a property who sells to a purchaser. In a sale by power of sale it is not the owner who is selling the property but rather the lender/bank/trust company. The situation arises when a homeowner has a mortgage loan and defaults on payment. In this situation the lender has the right to proceed to sell the property providing the proper procedure is followed.

A lender proceeding pursuant to a power of sale must follow strict rules. There must be default in the loan and the ability for the owner to correct the default. A notice must be sent to the owner and anyone else who has an interest in the property, which states the amount due to the lender. The notice will also state a date by which the owner must pay the arrears and costs. During the notice period the lender is not allowed to take any action with respect to the property, but when the notice period passes the property can be sold.

A lender, who sells a property for less than the outstanding debt, may sue the owner of the property for the shortfall. Likewise, the owner of the property may sue the lender if they can prove that the sale was made for less than the value of the property.

So the lender has an obligation to sell the property for the fair value. The lender will be careful that the property is not sold for much less than this amount because they will either lose money, or open themselves up to a lawsuit from the owner. In other words you may find a good price for a property but the chances of this are the same as with an owner sold property.

There are also some downsides. Most lenders require their own amendments to the agreement, which include such matters as the state of the property and the redemption by the owner. The lender will for instance give no warranties with respect to the state of the property or even the ownership of any chattels on the property. It therefore goes without saying that you will not get any assurances that the appliances work or that the property contains no contaminants.

If you have any legal questions about the contract you should speak with your lawyer. Remember that no one but your lawyer is qualified to give you legal advice.



Tom Sachdeva , Salesperson - 647-299-4529

Sandip Sharma-Broker - 416-473-1194

 tomsachdeva@gmail.com

Re/Max Dynasty Realty Inc,Brokerage 

8 Shadlock St # 7,Markham. 905-471-0002, Fax-905-471-7441

 

 

Toronto Real Estate  |  Power of Sale Homes  |     Fixer Upper Homes  |  Estate Sale Homes  |  Scarborough Homes  |  North York Real Estate  |  East York Real Estate  |  Govt-Programs  |  Etobicoke Real Estate  |  Pickering Homes  |  School's  |  Markham Bungalows for Sale  |  Ajax Homes for Sale  |  Whitby Homes For Sale  |  Do not pay too much  |  Oshawa Homes  |  New Homes for sale in Markham  |  Mississauga Homes  |  Port Union Homes for Sale  |  Brampton Real Estate  |  Malton Houses For Sale  |  Markham Real Estate  |  Meadowvale Homes for sale  |  Wheelchair Accessible Homes  |  Richmond Hill Real Estate  |  Vaughan Real Estate  |  Vaughan Real Estate Listings  |  Stouffville Homes   |  Morningside Homes for Sale  |  Woodbridge Homes  |  Unionville Homes For Sale & Real Estate Listings  |  Thornhill Homes for sale  |  Multiplex's  |  Apartment Building for sale in Toronto Ontario  |  Markham-Sheppard-Condos  |  Omni Drive - Scarborough Condos for sale  |  HomeBuyersChecklist  |  Boxgrove Homes For Sale   |  Greensborough Markham Homes for Sale  |  Cornell Homes for Sale - Markham  |  Buttonville Homes For Sale  |  Alton Towers Scarborough Condos for sale  |  Streetsville - Mississauga Homes for Sale  |  Agincourt Homes for Sale Scarborough  |         Grow Houses  |  Angus Glen Homes for Sale Markham
 

Privacy¬†Policy  |  Site Map  |  Profile  |  Sign In

©2006-2014 RE/MAX DYNASTY REALTY INC