Two kinds of sale
Your sale, or the lender’s.
Both can end with a transfer and money applied to the mortgage. They are not the same transaction. This is a comparison of control, not a promise that selling yourself always leaves more.
| Question | You sell | The lender sells |
|---|---|---|
| Who sets the brief | You do, with Dave, until enforcement has produced a binding sale. A lawyer confirms whether that point has passed. | The lender sets price, access, and marketing under the mortgage. |
| Costs | Commission is negotiable and agreed in writing. No upfront fee. Paid when a sale closes. | Enforcement costs are commonly added to what must be paid out of the proceeds. |
| Audience | Public, or quiet. | The lender chooses how the property is offered. |
| What remains | After payouts and costs, what is left is a result, not a guarantee. | A statutory sale directs any residue to the owner after listed claims. A contractual sale follows the mortgage. Costs and price can consume the equity either way. |
A listing does not stop a lender’s enforcement. Paying what is overdue does not always put a mortgage back in good standing. An Ontario lawyer confirms notice deadlines, the payout, and whether a lender has already signed an agreement. This page is general information, not legal or financial advice.
Background: power of sale. If your column is still open: selling during a power of sale.