Pursuant to the Registrar General’s Rules for Mortgage Sale and Foreclosure Proceedings under The Real Property Act, certain parties are prohibited from purchasing properties subject to mortgage sale and foreclosure proceedings, whether at public auction or by way of private sale.
If you are interested in purchasing a property subject to an Order for Sale issued by the District Registrar, please examine the list below to ensure you are not a prohibited purchaser.
If you are uncertain as to whether you are a prohibited purchaser, you can request that the District Registrar make a ruling as to your eligibility to purchase. Prospective purchasers wishing to participate in a public auction and seeking a ruling must make their application for a ruling at least three full business days prior to the scheduled auction sale. Prospective purchasers wishing to purchase via private sale and seeking a ruling may make their application at any time prior to the submission of the required registrations to give effect to the private sale with the District Registrar.
For more information about the advance ruling process, please email mortgagesale@teranet.ca or call 1-844-737-5684.
Prohibited purchasers
1. The mortgagee.
2. Officer or director of the mortgagee.
3. Shareholder of the mortgagee, where the mortgagee is not a publicly traded company.
4. Employee of the mortgagee, where the mortgagee is a Financial Institution as defined in The Real Property Act, and where that employee has special knowledge of the circumstances by virtue of their employment or where they have involvement with, influence over, or conduct of the sale process.
5. Employee of a mortgagee where the mortgagee is not a Financial Institution as defined in The Real Property Act.
6. A client of the mortgagee, where that client has special knowledge of the circumstances by virtue of their association or where they have involvement with, influence over, or conduct of the sale process.
7. Mortgagee’s solicitor or any lawyer (including partners, associates and counsel) of the mortgagee’s solicitor’s firm.
8. An employee at the mortgagee’s solicitors’ firm, where that employee has special knowledge of the circumstances by virtue of their employment or where they have involvement with, influence over, or conduct of the sale process.
9. Any listing broker, listing real estate agent of the mortgagee, any partner of the listing agent or broker, or any employee of the broker or real estate agent or of the firm for which they work where that employee has special knowledge of the circumstances or a party with involvement, influence or conduct of the sale process.
10. Any auctioneer engaged by the mortgagee or any employee of the auctioneer or of the company for which the auctioneer works, where that employee has special knowledge of the circumstances by virtue of their employment or where they have involvement with, influence over, or conduct of the sale process.
11. Any appraiser or valuator engaged by the mortgagee, or any partner of the appraiser or valuator or any employee of the appraiser or valuator or of the company for which the appraiser or valuator works, where that employee has special knowledge of the circumstances by virtue of their employment or where they have involvement with, influence over, or conduct of the sale process.
12. Any district or deputy district registrar of land titles.
13. Any employee with land titles where that employee has special knowledge of the circumstances by virtue of their employment or where they have involvement with, influence over, or conduct of the sale process.
14. Any non-publicly traded corporation in which any prohibited person is a shareholder, officer or director.
15. Any spouse, common-law partner (as defined in The Family Property Act), child, parent, sibling, grandparent, grandchild, of an unacceptable purchaser. This prohibition includes half, in-law and step persons.
16. Any entity specified includes related entities as that term is defined in the Income Tax Act of Canada, section 270(1).