Power of Sale Listings Toronto West - Etobicoke
This page is not being updated for Toornto real estate west since the market generally has been exceeding 10% per year in appreciation and price increases. Canada does not have foreclosures. We have Power of Sales. They do occur but not in the numbers described on late night tv.
Toronto west Real Estate Properties, Power of Sale, Bank Owned Real Estate, Estate Sales, Foreclosure in Toronto West, Etobicoke and Mississauga updated weekly.
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Power of Sale: The legal right of the mortgagee to force the sale of a property without judicial proceedings should default occur. 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 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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