Power of Sale
Quick Summary
A remedy allowing lender to sell property after default.
ELI5 Explanation
Click to expand
If payments fail, lender can sell the property to recover debt.
Detailed Explanation
Power of sale is common in Ontario and follows statutory timelines and notice periods. It is generally faster than full foreclosure procedures.
Example
After continued default, lender issues notice and proceeds with sale under applicable provincial rules.
Why It Matters
Default timelines can be short, making proactive communication critical.