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7 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: Jody [Visitor]
Jody

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