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- When a property owner is unable (or unwilling) to repay a mortgage on a property, a lender can apply to the BC Supreme Court for the right to sell that property and recover its investment.
www.uniqueproperties.ca/blog/court-ordered-sales-process
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What is a judicial sale in British Columbia?
What are court order sales in BC?
What is a judicial sale?
What is a court ordered sale?
What is the court approval process in British Columbia?
Can a judicial sale be a foreclosure?
In a court-ordered sale, the lawyer representing the sellers (lender or strata) assigns an agent to list the property on MLS®. Herein lies a significant difference between BC and other parts of the world when it comes to foreclosures.
2 days ago · Judicial Sale: The lender may choose to have the property listed for sale or seek an ‘Order Absolute of Foreclosure’. The court has to approve the sale of a listed property (the price, the terms, the dates, the commissions paid).
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.
In British Columbia, it is the judicial sale process that involves licensees most frequently. The petitioner or any of the respondents (i.e. 1st, 2nd or 3rd Mortgagee) can apply for a judicial sale, also known as a court-ordered sale, which will be carried out under the supervision of the court.
Court May Order Sale. (1) Where in a proceeding it appears necessary or expedient that property be sold, the Court may order the sale and may order a person in possession of the property or in receipt of the rents, profits, or income therefrom to join in the sale and transfer thereof and deliver up the possession or receipt to the purchaser or ...
Dive into The Court Order Sale Process, an expert article from Infinity Law, offering insights into The foreclosure sale process in Victoria, BC, now follows a two-step protocol, allowing multiple offers to be made and potentially outbidding the initial offer.
