September 6th - 2004

Learn about power of sale

A power of sale is a forced sale of a property by a mortgagee due to a default of one or more of the mortgagor’s obligations under the mortgage. These obligations include, among others:

Learn about power of sale
A power of sale is a forced sale of a property by a mortgagee due to a default of one or more of the mortgagor’s obligations under the mortgage. These obligations include, among others:

  • making payments including principal and interest;
  • paying municipal realty taxes;
  • providing adequate insurance on the buildings; and,
  • keeping the property in good repair.

OREA now offers a new course by correspondence and CD-ROM that will take you through the power of sale process, the rights and obligations of the mortgagee and the mortgagor, and a registrant’s role in a power of sale transaction. The two-credit course also teaches how to protect a buyer when purchasing a power of sale property. The cost for the course is $25.

For more information, contact the OREA Real Estate College’s Continuing Education Department at (416) 391-6732 ext. 420, or go to www.oreacollege.com.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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