We have seen an increase in the number of properties being sold under the Power of Sale (“POS”) provisions in a mortgage due to default. If you are considering putting in an Offer on a Property being sold under POS, please be extra vigilant. Virtually all properties sold under POS include a Schedule “B” which makes it clear that the property is being sold “as is, where is”. This always means that the Buyer must assume all risks and beware of any and all physical defects as we
“Everything was reviewed and explained in depth which can be a challenge no doubt with clients like ourselves not well versed in the legal aspects of this significant transaction."