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Legal Guidance for Power of Sale Transactions in Southern Ontario

Purchasing property that is being sold under power of sale may offer attractive bargains for the careful investor. However, there are risks unique to this type of transaction. Experienced legal representation is essential. The team at Donnell Law Group has the experience necessary to identify and explain to you the potential areas of concern.

Some Considerations Unique to Power of Sale Transactions

• The seller is not the owner who is willing to sell, but instead a bank or other mortgage lender who may know nothing about the property apart from its appraised value. Additional care may be needed to ensure you are not going to be surprised by the state of your new property.
• Agreements involving power of attorney properties typically include a clause designed to protect the current owner should they be able to pay off their loan prior to the sale of the property. This can leave you, the potential purchaser, at financial risk. Your lawyer needs to understand this risk and ensure that your interests are protected.
• There could be a problem obtaining vacant possession of the house you are purchasing. This needs to be considered as part of your offer to purchase and steps taken to minimize your risk.

Ensure that You Are Protected

Legal professionals such as the experienced lawyers at Donnell Law Group should always be consulted before you commit to any real estate purchase and particularly when dealing with power of sale transactions.

Donnell Law Group has the experience to protect your interests and discuss your options.