Falling behind on mortgage payments is a stressful experience for any homeowner. In Ontario, when a borrower defaults on their mortgage, lenders have legal remedies to recover the money they are owed. The most common of these is the "power of sale," a legal process that allows a lender to force the sale of a property. While it may sound similar, a power of sale is fundamentally different from a foreclosure. Understanding this distinction, along with the detailed steps and timelines involved, is crucial for both borrowers and potential buyers navigating Ontario's real estate market. Power of sale vs. foreclosure: What's the difference? The primary difference between a power of sale and a foreclosure in Ontario lies in the property's ownership. Power of Sale: The borrower retains ownership of the property throughout the sale process. The lender acts as a vendor to sell the property and collect the outstanding debt. Once the sale is finalized, any surplus funds—aft...
Even the most straightforward property deal can encounter problems. Here are the most common real estate disputes in Ontario and how a skilled lawyer can help resolve them. 1. Breach of Contract If one party fails to close or meet obligations, your lawyer can negotiate, enforce, or seek compensation through court action. 2. Misrepresentation by the Seller Undisclosed defects like water leaks or structural issues may lead to legal claims for misrepresentation . 3. Title or Ownership Disputes When liens, fraud, or unclear ownership arise, your lawyer works with the Land Registry Office and title insurance to resolve them. 4. Boundary and Easement Issues Neighbour disagreements about fences or property lines can be clarified with surveys and legal documentation. 5. Deposit Disputes If a deal collapses, lawyers determine who legally keeps the deposit under Ontario contract law. 6. Mortgage and Financing Issues When financing fails, your lawyer can negotiate an extension or alternative so...