Power of sale agreement – this is a contract, used in the money lending procedures. It is concluded between the lender and the borrower, who establishes a mortgage on their assets in favor of the money lender, in order to secure the debt. The power of sale agreement entitles the lender to sell directly the mortgaged properties on the market towards third parties and to collect the debt.
*Note that in situations where private individuals create mortgage loan relations towards each other, it is advisable to hire a lawyer who to draw your power of sale agreement. Lawyers are qualified in Law and they know what terms and conditions should be implemented in such forms to protect your interests; as well to consult you on the clauses of proposed power of sale agreements to you for signing.