Friday, June 22, 2007

How does an "Offer to Purchase" (a high rise Condo) under "Power of Sale" differ from a regular offer?


I had another client email me with a Power of Sale Question and have posted my answer below.

Question: How does an "Offer to Purchase" (a high rise Condo) under "Power of Sale" differ from a regular offer?

Answer: Thank you for your real estate inquiry. The short answer is 'tremendously' and the medium answer is:
The clauses in the offer for a power of sale protect the bank and the previous owner, just in case the owner comes up with the money prior to closing. As well, the bank will NOT warrant any items in the condo, the condo maintenance fees, taxes, utilities, status certificate or anything related to the condo, the building or the sale. This is how power of sales are carried out in Ontario.


The long answer to how a power of sale differs from a 'normal' sale is shown in a section of my website that I just wrote last night. It's an incredibly detailed set of pages and I am not quite done yet, as soon as I am, I will post/email you the link. You can also let me know what you think of the new section on my site.

To read about what I have already written about power of sales browse to my POS FAQ's

Please let me know if you have any other questions or if there is anything else I can help you with.



Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

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