A 'power of sale' is the right of the mortgagee, in the event of default, to force the sale of a property without judicial proceeding. The term power of sale indicates a sale under the power contained in the mortgage document or in the Mortgages Act.

This method allows the mortgagee/lending institution to retrieve only what it's entitled to, selling the property for close to the value of the outstanding mortgage. Anything over and above is then given to the owner/mortgagor. Power of sale purchases involve some complexities and should be purchased with the use of a skilled agent.

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