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11 comments

Comment from: Rick [Visitor]  
Rick

Thanks. I know of a house that should be coming up under power of sale and always wondered what a schedule B was. You explained it very well.

12/08/09 @ 19:18
Comment from: Brian [Visitor]  
Brian

I am looking at purchasing a home under Power of Sale. the original owner leased the property to his friends for 3 years. What issues could arise from this situation?

02/02/10 @ 15:51
Comment from: Jody [Member]  
Jody

Hi Brian….

I’m not a lawyer and it might be best to consult yours…

however, I think it depends on your intended use of the property and whether or not the “friends” are still occupying it…

we’ll assume that these “friends” are still in the house… in which case I believe your answer is that a new owner (only if they are intending to personally occupy the property) may give sufficient notice and thereby terminate the lease. If you are intending to rent the property out, you may have to assume the current tenant and honour the lease.

As I said, run it by your solicitor!

02/02/10 @ 16:13
Comment from: katharine [Visitor]
katharine

If we purchase a power of sale/foreclosed house say for 10,000.00 (not real figure lol)and after paying lender, liens, taxes etc. there is still 2,000.00 owing do we as the new owner have to come up the extra 1,000.00 or does the lender sue the previous owner that defaulted? I understand you’re not a lawyer and of course I’d have a lawyer involved. Just in the beginning stages of possibly putting in an offer.
Thanks Katharine

04/08/13 @ 19:27
Comment from: katharine [Visitor]
katharine

Sorry made an error on my last post. Should be “still owing 1,000.00″ not 2,000.00

04/08/13 @ 19:28
Comment from: JodyD [Member]  
JodyD

Hi Katharine… in Ontario, if you secure an Agreement to Purchase a property that is under power of sale it is different than a foreclosure. Forceclosure allows the owner some time to redeem, whereas power of sale does not. When you purchase a property under power of sale or foreclosure, you are generally only responsible for the amount of your offer and then, the closing costs, lawyer, land transfer tax and the usual adjustments for things like fuel oil. I’m glad you said you would get the advice of a lawyer, that’s always best.

04/08/13 @ 19:41
Comment from: bryan Murray [Visitor]  
bryan Murray

hello Jody. My heating oil tank leached under the foundation of my house over 3 years ago. Over 1 millions $ was spend to remediate the problem, The land is still contaminated and the MEO is taking over. This spill has ruined me and I’m over two months behind on my mortgage. I cannot sell my house until the land meets government standards. Would the lender foreclose instead of power of sale? I live in Ontario

Bryan… this is devastating news… I’m so sorry! I think you need the advice of a lawyer.

08/05/13 @ 23:23
Comment from: Lisa [Visitor]
Lisa

what happens when there are a few offers on the table

Lisa… the Seller will choose which offer they want to work with.

01/31/15 @ 23:41
Comment from: Ken [Visitor]
Ken

Question: Can ALL expenses be deducted in a P of S that have been required to maintain the property including loss of interest, maintenance costs, replacement costs, utility costs paid and loss of payments as a mortgagee and legal costs when the property is under a pending sale to a purchaser. Thank you.

Ken… you would be wise to check with a solicitor to get the list of expenses that are applicable in your area.

03/13/15 @ 13:12
Comment from: Hajr [Visitor]
Hajr

I understand the a Power of Sale is being sold “as is/where is", can I still add relevant clauses for having an inspection and/or mortgage approval?

Thanks

Hi Hajr, Some POS sellers will allow a inspection clause, but you may want to take an inspector through before you make the offer. Mortgage approval is generally accepted in an offer on POS.

08/14/15 @ 17:32
Comment from: Ram [Visitor]  
Ram

I have brought the house on Power of sale. there was some furnace and air condition also water heater. I was paying only for water heater for rest I made dispute with Enbridge for 2 years then I stop paying them after that 2016 June company saying that I have to pay rental fee for that now they are claiming same started billing for reliance home comfort. This contract made by past owner or renter I don’t know it’s been 3 years now. in my buying papers they did not mention of relentless any thing what I must do and do they have right to claim the rentals because past owner brought and it now bank sale . I have more to say but need real help please help me where can iI complaint more of this and get Advise

Hi Ram: One of the problems with buying a property under “Power of Sale” is that you may be assuming existing contracts. I’m sure this would have been explained by the Real Estate sales rep when you purchased. It would be wise to contact the real estate rep and the lawyer who handled the transaction for you to ask for assistance. Jody

08/24/16 @ 23:58