You are here: 

Power of Sale Maintenance Fees and Property Taxes shown on the MLS listing as ZERO $, how can this be?

Power of Sale Maintenance Fees shown on the MLS listing information Another question I get asked quite often about Power of Sale properties is if the maintenance fee of $0 per month is correct as shown on the MLS listing. Same with the property taxes, often the amount shown for the property taxes on the listing for a POS property is often $0 My answer to this common question is as follows:

It's not a misprint, it's done on purpose by the listing agent and/or the bank who is selling the property. Many banks want the agents to put zero for maintenance fees and taxes on the listings. The reason is so the bank is not responsible for any amount that may have been stated on the mls listing. If the bank showed $400 per month and it ended up being $450 per month, normally a purchaser could go after the bank/seller for the difference. If it's shown as zero dollars and in the fine print of the offer, it states that the purchaser must investigate and satisfy themselves of the monthly maintenance and taxes, so the bank is off the hook in showing the correct amount. In Mississauga, all of the 'normal' condo maintenance items, such as heat, hydro, water, common element maintenance, building insurance and common element parking is usually included in a condo maintenance fee. Usually the property taxes and cable TV are not included in the maintenance fees. In some of the newer condos hydro is NOT included, so you have to be careful when assuming that the listing agent has entered the correct information or not. Always best to confirm through me. I hope this helps. Please let me know if you have other questions.

This series of articles is brought to you by A. Mark Argentino and other real estate related resources, including Canadian Real Estate Association CREA and the Ontario Real Estate Association OREA. Back to list of Real Estate Helpful Articles

Whether you are interested in a Power of Sale Property, a Foreclosure Sale or a regular property purchase, I can assist you with all of the complexities when you purchase or sell your next property.  Please don't hesitate to email me If you have any questions or require further information, please send me an email. Thank you, Mark Argentino Read about Power of Sale, Bank Sales and Foreclosure Properties FAQ's Read a very detailed section about Power of Sale and Foreclosure or go back to list of Real Estate Helpful Articles