An Eviction Notice is one of the final steps in Ontario’s Power of Sale process. At this point, the lender has already sent the Writ of Possession to the local sheriff’s office. The sheriff will arrive on the specified date to evict occupants and change the locks as indicated in the notice.
Ontario Eviction Notice EXAMPLE 1
It is crucial to understand the severity and immediacy of an Eviction Notice. Ignoring this notice can lead to irreversible consequences, including the loss of your home and personal belongings. The eviction process is swift and unforgiving, leaving little room for negotiation or delay. Therefore, immediate action is imperative. Contacting a legal professional or financial advisor at this stage is not just advisable—it is essential. They can provide guidance on possible solutions, helping to navigate the complexities of the situation and explore any available options to halt the eviction.
Once the eviction notice is delivered and the occupants are removed, the lender will prepare to sell the property. Typically, the property is listed and sold by a licensed Ontario real estate agent.
If you’ve received an eviction notice but are still living on the property, then you still have full control over selling the property or getting a new mortgage. During the limited time you have remaining, if you can sell the property, then the Power of Sale action will stop. Typically you will need to sell it at a discount in order to encourage a quick sale. Many private lenders who purchase properties will pay with cash, which means that the current mortgage can be paid immediately, and the buyer does not have to wait for financing. If there is a large amount of equity in the property, a private lender may be able to quickly appraise the property and provide the financing needed to stop the Power of Sale.
If you have already been evicted, then the solutions are more difficult since most home buyers want to inspect the property, and most private lenders want an appraisal. At this point, the previously mentioned solutions will still work, but the homeowner must request a supervised visit for any inspections to take place. The cost of the supervised inspection is charged back to the mortgage as a fee related to the Power of Sale.
