Power of Sale for Realtors

By Paul F Bath

Any Real Estate Representative who has been in the real estate business for a number of years has come across a Power of Sale situation – whether it is a property they have listed for sale or a property they are showing their buyer. The purpose of this book is to assist Real Estate Sales Representatives with some of the facts and understand priorities of a Power of Sale and how it affects the brokerages. What is the responsibility to the buyer or seller?

We will discuss who has the legal right to sign a listing agreement and provide information on the rights and responsibility of registrants with respect to “Power of Sale” listings. At the completion of this book, the student will have a better understanding of the Power of Sale process.

• Language: English
• Publisher: BookBaby
• Release date: Sep 1, 2013
• ISBN: 9781483507125

Book preview

All Rights Reserved

MORTGAGEXEC LTD.

69 Davis Drive, Unit 201

Newmarket, Ontario L3Y 2M9

Phone: [phone]

Fax: [phone]

www.mortgagexec.com

Author

Paul F. Bath, CPMB

Editor

Cheryl Horne (MortgagExec Ltd.)

Copyright © 2010 MortgagExec Ltd.

All rights reserved. No part of this book may be reproduced, copied, stored in a retrieval system, transmitted in any form, or by any means of chemical electronic photocopy recording or otherwise without the prior written consent of the author.

ISBN:9781483507125

The Author

Paul F. Bath, CPMB has more than 30 years in the banking and mortgage industries. As President and CEO of Centum One Financial Group Inc., a full service mortgage brokerage company in Newmarket, Ontario, he continues to look for new lending products and services that best suit his clients.

As a certified instructor, Paul has taught for various Colleges and Associations throughout Ontario, including Seneca College, Georgian College, Ontario Real Estate Association, and the Independent Mortgage Brokers Association of Ontario. Knowing that education is the key to success for Mortgage Brokers/Agents and Sales Representatives alike, Paul has written a number of books including Ten Steps to Becoming a Successful Mortgage Agent which he co-authored.

As Past-President and one of the co-founders of the Independent Mortgage Brokers Association of Ontario (over 1700 members to date) Paul also works as a volunteer on the Education Committee.

Paul has spoken at numerous venues, including The Mortgage Summit in Toronto, Ontario, the IMBA International Conference held in Jamaica and the Mortgage Brokers Conference in Australia.

Actively involved in his community, he has devoted a great deal of time volunteering for local non-profit organizations including The Family Life Centre, Community Living and the Canadian Hearing Society.

Forward

Any Real Estate Representative who has been in the real estate business for a number of years has come across a Power of Sale situation – whether it is a property they have listed for sale or a property they are showing their buyer. The purpose of this book is to assist Real Estate Sales Representatives with some of the facts and understand priorities of a Power of Sale and how it affects the brokerages. What is the responsibility to the buyer or seller? We will discuss who has the legal right to sign a listing agreement and provide information on the rights and responsibility of registrants with respect to Power of Sale listings. At the completion of this book, the student will have a better understanding of the Power of Sale process.

TERMINOLOGY

For the purposes of this course, certain language is used that may represent other legal or official wording. Specifically,

- Where the term Lender is used, a Mortgagee is (also) represented.

- Where the term Borrower is used, a Mortgagor may be presumed.

- Where the term Lawyer is used, either Solicitor or Lawyer may be supposed.

- Where the term Sales Representative is used, in this text it refers to a Real Estate Sales Representative.

The author has attempted to be respectful in the writing of this workbook, and has – in accordance with government recommendations – used gender neutral language wherever possible. Should a gender-specific pronoun (he, she, his, hers, etc.) be found to be used, it is simply for ease of communication and should not