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   Is a judicial sale a foreclosure?

   • People frequently refer to a judicial sale as a foreclosure. There is a key difference. With a judicial sale, the court sells the property. The proceeds of the sale then pay off the loan (or as much of it as possible). The court attempts to secure a sale as close to fair market value as possible.

   Risks Of Buying A Foreclosure In Alberta: Protect Yourself

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   What is a judicial sale?

   • A judicial sale can be used by a plaintiff who is seeking to enforce the terms of a court judgment. Typically, this happens when a defendant is ordered to pay a judgment in a civil case but fails to make good on the payment. The plaintiff then compels the sale of the defendant’s property unless and until the defendant pays off the judgment.

   What is a Judicial Sale? - MyLawQuestions

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   What happens in a judicial sale of a property?

   • Lender begins Court proceedings to foreclose the property, and all creditors get involved: At this stage, in order to satisfy the interests of all creditors, the Court may order a judicial sale of the property. Title is still technically in the owner’s name, but your client will be the Court.

   Court Ordered Sales: Practice Tip - RECA

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   Who decides a judicial sale?

   • Plaintiffs and Defendants In a judicial sale, the lender is the plaintiff, who wants a decision against the owner who is in foreclosure. The owner is the defendant. The Court of Queen’s Bench decides whether there will be a judicial sale. If the Court orders a sale as requested by the plaintiff, licensed real estate professionals become involved.

   Court Ordered Sales: Practice Tip - RECA

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   Who is involved in a judicial sale?

   • In a judicial sale, the lender is the plaintiff, who wants a decision against the owner who is in foreclosure. The owner is the defendant. The Court of Queen’s Bench decides whether there will be a judicial sale. If the Court orders a sale as requested by the plaintiff, licensed real estate professionals become involved. Who Represents Whom?

   Court Ordered Sales: Practice Tip - RECA

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   What is a judicial sale agreement?

   • The agreement is between the Court of Queen’s Bench and the real estate brokerage. In such an agreement, the real estate professional becomes an Officer of the Court, and is officially assigned to help the Court carry out the judicial sale order.

   Court Ordered Sales: Practice Tip - RECA

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2. kahanelaw.com › risks-of-buying-a-foreclosure-albertaRisks Of Buying A Foreclosure In Alberta: Protect Yourself

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   People frequently refer to a judicial sale as a foreclosure. There is a key difference. With a judicial sale, the court sells the property. The proceeds of the sale then pay off the loan (or as much of it as possible). The court attempts to secure a sale as close to fair market value as possible.

3. www.mylawquestions.com › what-is-a-judicial-saleWhat is a Judicial Sale? - MyLawQuestions

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   May 16, 2024 · A judicial sale occurs when a court orders the auction or sale of a piece of real estate for a certain price. When the property is sold, the new owner takes over its title. Ordinarily, the proceeds from the sale go to pay off the balance on an outstanding debt, such as a mortgage, court judgment, or unpaid taxes.

   • Author: Charity Delich

4. www.reca.ca › 2017/07/20 › court-ordered-salesCourt Ordered Sales: Practice Tip - RECA

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   Jul 20, 2017 · In a judicial sale, a property for which a lender provided mortgage funds is in foreclosure and wants it sold to recover their investment. They do not technically own the home but they can still force the sale, which makes such a sale different from a traditional seller client relationship.

5. www.auction.com › blog › judicial-vs-non-judicialWhat’s the Difference Between Judicial and Nonjudicial ...

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   Jun 8, 2022 · In a judicial foreclosure state, the lender has to file a lawsuit in court in order to foreclose. In a nonjudicial foreclosure state, the lender can foreclose without going through the court system. Either way, the final step in the foreclosure process is a foreclosure sale.

6. realestatevancity.ca › 2021/01/01 › foreclosures-andForeclosures and Court Ordered Sales - The Kristi Holz Real ...

   realestatevancity.ca › 2021/01/01 › foreclosures-and

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   Jan 1, 2021 · A court ordered sale happens when a home owner defaults on their mortgage payments. After some time, the mortgage lender can appeal to the Courts to force a sale of the property in order to recover any mortgage funds owed.

7. www.investopedia.com › terms › jJudicial Foreclosure: What It Is, How It Works - Investopedia

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   Sep 5, 2024 · A judicial foreclosure is a legal proceeding that allows lenders to obtain a power of sale through the courts when a borrower defaults on their mortgage.

8. diamondlaw.ca › navigating-foreclosure-purchasesNavigating Foreclosure Purchases in Canada: A Legal ...

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   In a specific example, in a judicial sale, the court oversees the process but does not necessarily transfer the title to the lender. Buyers must navigate these legal distinctions, understanding the limited representations and warranties associated with each.