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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 .  

     Call Tom at 647-299-4529 or email at tomsachdeva@gmail.com 

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.

CALL TOM AT 647-299-4529 ,

tomsachdeva@gmail.com

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

CALL TOM AT 647-299-4529

tomsachdeva@gmail.com

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.

BUYING FIXER-UPPER HOMES- I CAN BE YOUR REALTOR & COACH

 If you have decided you want to own your own home, you might consider obtaining the services of a professional real estate coach or mentor in helping you make a decision over which properties would be suitable for you. For instance, you may want to consider purchasing a house that you could fix up and make into a beautiful dream home. However, not all investments are a wise decision, and having a coach or mentor will help you protect your money and the time, especially if you do not have a lot of time to spend in building a location up.

 In addition, a mentor or coach will help you broker your agreement by commenting on whether the deal is fair or you should renegotiate the contract. Many people may read through a contract but if you do not have an actual knowledge about what it is that you are reading means then you could be getting yourself into a very large amount of trouble and even debt. With the help of a mentor or coach you will get to have a second opinion from someone who knows what they are talking about so that you do not have to worry about the risks as your sign the contract that could mean your success.

 Investing your money into the real estate business currently can be a decision that is very intelligent due to the amazingly low prices that there are currently and the fact that a few years from now those prices will be returning to the higher prices people had become to accustom to seeing. With the low prices that are being seen there are many people who wish that they could invest in homes, apartments and more to be able to fix and resell when the economy rises again but they do not have the money because of previous investments. This means that someone who buys currently while the prices are low and waits to sell until the prices are much higher is sure to get the returns that they hope for and come out ahead with the help of a mentor or coach.

 A coach or mentor is able to help you know what you need to in addition to being able to make sure that there is nothing that you forget because of lack of knowledge or because of forgetfulness. This means that while you make your check list of what it is that you would like to be done or while you make y our plans you have someone there to reinforce you so that if anything happens you are not the only person that there is to call. This can be helpful because if you have work during the day then you will not have to deal with constant calls from construction workers or other workers that may be taking care of your house, apartment or other piece of pad that you may be building or fixing to sell or rent out in the future.