Home Rent to Own | Power of Sale/Foreclosure | Credit Management The Way Canadians Can Become Homeowners | Page 10

GETTING TO KNOW POWER OF SALE IN
CANADA: MAIN ELEMENTS REGARDING
THIS CONCEPT
Seeing this only sheds some new information about Power of Sale, we
can also see how complicated it is. But don’t be frightened, there are
many benefits regarding this type of transaction in Canada. Firstly, it’s
the time. When buying under Power of Sale, there are no court actions
hence making it much faster and efficient to sell than to sue for
possession and then selling, also known as foreclosure. Secondly, it’s
the cost. Selling under POS requires the entire process to be done in
the solicitor’s office, making it cost-effective to avoid going to court.
Thirdly, it’s the clearance of encumbrances. POS makes it possible for
you to acquire the property and involve the bank to solve any debts
directly with the mortgagor.