Collingwood, Blue Mountain, Wasaga Beach Power of Sale Properties
If you’re buying a home in Collingwood or Blue Mountain, sometimes deals can be found if the home is listed as a Power Of Sale or Bankruptcy. Although you may purchase the house at a good price, there are risks involved. As your real estate representative, it’s my job to protect you. Simply contact me, let me know what type of property you are searching for, and I will do my very best to assist you.
Power of Sale: The legal right of the mortgagee to force the sale of a property without judicial proceedings should default occur. Collingwood 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 excerising 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.
If you want me to keep you informed on Power of Sale homes in Collingwood, Blue Mountain, or Wasaga Beach area, please complete the form below.
POWER OF SALE FORM
