Sentences with phrase «notice of power of sale»
In Ontario Real Estate Investing, under the Mortgage Act Section 31, it is stipulated that a notice of power of sale must be given to every party appearing by the registered of ownership and by the index of executions to have interest of the mortgage property.
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Justice Perell found, and the Court of Appeal accepted, that D did in fact give Walcott a copy of the Notice of Power of Sale.
Power of sale notice period Ontario, all the notices of power of sale are regulated under the Ontario Mortgage Act.
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If your property is in the power of sale Ottawa, Ontario process, we advise you to react promptly to any letters or notices from the lender.
A power of sale notice, for example, means that you could lose your home in a short time.
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If the alleged default is something other than failure to pay principal interest and taxes or to insure the property, the mortgagee must obtain leave of the court to issue a Notice Exercising Power of Sale;
Once a mortgage has been in default for at least one month, the mortgagee may file Notice Exercising Power of Sale (NEPS) in the Land Titles Office.
These provisions provide complementary methods of protecting bona fide purchasers for value without notice of a defect in a power of sale proceeding.
The Court of Appeal therefore concluded that 241 Ontario was a bona fide purchaser for value without notice of the defect in the power of sale proceedings and holds good title to the Property.
In Stanbarr Services Limited v. Metropolis Properties Inc., a sale of land by way of power of sale was attacked on the basis that the selling first mortgagee did not comply with the notice of sale provisions under the Mortgages Act, by failing to properly serve the notice of sale on all subsequent encumbrancers.
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A notice regarding the exercise of power of sale can not be given until the default has continued for at least 15 days.
This is because the bank has noticed that they can sell the property under power of sale at current market value.