The process of foreclosing in Ontario is quite quick, as the proceedings are usually laid out in the mortgage documents. Power of sale was first developed in Ontario by lenders who wanted a faster way to liquidate s property and recover a bad debt. As a result, they started 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. Power of sale is now part of the Ontario Mortgages Act.
The Mortgages Act refers to two different types of power of sale: Contractual and Statutory. Contractual 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 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 longer
Finding homes in Guelph or Cambridge that have been taken over by the lending institution can be a very profitable and ideal for a "flip". This of course takes a lot of hard work but can be quite rewarding
Understanding the Offer to Purchase Form is essential once your house hunting expedition is a success! You have found the perfect home, one that satisfies your needs, most of your wants- and best of all, fits your pocketbook. Now comes one of the most important phases of your home-buying experience: making an offer to purchase the home.
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list. Where we have provided choices, fill out in the space and check the box of the one that best describes each home. If you do not know the answers to any question, then make sure to ask your Real Estate Sales Representative.
