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American College of Mortgage Attorneys — Partner with the Best®

Formed in 1974, the American College of Mortgage Attorneys (ACMA) is comprised of over 500 lawyers in North America who are experts in mortgage law.

Canada

Alberta

Alberta operates under the Torrens System. The security interest in land is constituted by means of a charge. However, the term &lsquo;mortgage' is used to describe the charge even though it is not referring to the common law definition of mortgage as a security interest in land. Land Titles Act, R.S.A. 2000, c. L-4 &sect;&nbsp;1(o) (Can.) (the “Land Titles Act”). As per &sect;&nbsp;103 of the Land Titles Act, a mortgage registered under the Act does not operate as a transfer of the land charged by it.

SECURITY INSTRUMENT USED

The Land Titles Act establishes a public registry of land ownership and the registration of other interests in land at a central registry called the Land Titles register. The interests are then guaranteed by the Province of Alberta. The registration of an interest in land at the Land Titles Office is proof of the validity of the interest, absent any evidence to the contrary. Land Titles Act &sect;&nbsp;54 (Can.).

RECORDING REQUIREMENTS

Expropriation Act, R.S.A. 2000, c. E-13 &sect;&nbsp;49 and 52 (Can.), which provide that a mortgagee may be restricted to recovering the market value of the mortgage and that a mortgagee is limited in certain circumstances to receiving 3 months' interest. The Fire Prevention (Metropolis) Act 1774, which provides that insurance proceeds must be used for the rebuilding of the improvements on the lands.

STATUTES TO BE WAIVED

There are no unusual treatment of standard provisions. However, it is worth noting that parties can modify or exclude any of the usual clauses deemed to be included in the instrument by express declaration in the mortgage. Land Titles Act &sect;&nbsp;59. Mortgages should contain the short forms of words set forth in Column 1 of Schedule 2 of the Land Titles Act, which have the effect of the words contained in Column 2 of Schedule 2. Land Titles Act &sect;&nbsp;112 (Can.). It should also be noted that a mortgagee may file a standard form mortgage with the Registrar of Land Titles. Land Titles Act &sect;&nbsp;113(1) (Can.).

UNUSUAL TREATMENT OF STANDARD PROVISIONS

As a general note, the priority between mortgagees and other instrument holders is determined according to the serial number assigned to the instrument when it is filed or registered. Land Titles Act &sect;&nbsp;14(3). When a mortgage is registered, it obtains priority for all advances and obligations secured pursuant to the terms of the mortgage, notwithstanding that they are made or incurred subsequent to the registration of any other instrument or caveat. Land Titles Act &sect;&nbsp;104(1). A mortgage that is registered that provides for a revolving line of credit obtains priority for all advances and obligations secured pursuant to the terms of the mortgage notwithstanding that the advances and obligations are made or incurred subsequent to the registration of any other instrument or caveat, and that at any time during the term of the mortgage there may not be any outstanding advances to be secured. Land Titles Act &sect;&nbsp;104(2). If a mortgagee refuses to make, or a mortgagor has and exercises a right to refuse to accept or be bound by, any further advances that would be secured, the mortgagee shall, on the mortgagor's request, provide a discharge of the mortgage as to the further advances. &nbsp;Land Titles Act &sect;&nbsp;104(3) (See also “Labor and Material Lien Claims” below).

SECURING FUTURE ADVANCES

Pursuant to both common law and the express terms of most mortgages, a mortgage lender may recover “protective disbursements” (reasonable costs of property maintenance and repairs and other reasonable costs incurred for the protection of or preservation of the property), including taxes, utilities, insurance and certain other reasonable costs incurred in connection with mortgage enforcement, together with interest thereon at the mortgage rate. These costs are secured by the mortgage in the same priority as mortgage principal (unless the amounts advanced cause the total credit to exceed the stated principal amount of the mortgage). However, a mortgage lender is not entitled to recover costs incurred to pay for voluntary improvements to the property even if the work increases the value of the mortgaged property and such cost is expressly authorized by the mortgage terms because borrowers cannot contract out of their common law right of redemption. Court-appointed receivers are generally not subject to this limitation on voluntary improvements because such work and related costs must be approved by the Court.

SECURING ADDITIONAL ADVANCES TO PROTECT THE COLLATERAL

There is no prescribed form for a deed of trust. Generally, they are used when bonds are to be issued to a number of investors either through a public offering or a private placement. Debentures are a more common form of land security instrument in larger commercial loan transactions because a single instrument can be used to grant security over multiple properties in multiple Canadian provinces and typically include both the real and all related personal property as secured collateral (thus avoiding separate, potentially inconsistent, mortgage forms and additional personal security instruments on a province by province basis). But even where a debenture is used, many Canadian lenders still require additional personal property security instruments (typically a general security agreement) out of an abundance of caution.

PRACTICE IN ALBERTA

The trustee may be corporate or individual, but where true deeds of trust are used, there are trust companies that perform such functions.

CORPORATE OR INDIVIDUAL

No residency required. However, in order to register a mortgage in favour of a trustee in Alberta, it must satisfy certain requirements (See “Lender Qualification and/or Licensure” below).

RESIDENCY REQUIRED

The mortgagee may, upon default of payment, have recourse to the remedy of foreclosure. Law of Property Act &sect;&nbsp;39. The right to foreclose does not arise until repayment has become due at law. Repayment is due at law when the legal date for redemption has passed, or if the mortgage has by its terms made the monies due on breach of any term of the mortgage, on the occurrence of any such breach (such failure to make due payment of interest or an instalment of principal). The mortgagee may commence an action for foreclosure by serving a statement of claim on all persons interested in the equity of redemption. Alberta Rules of Court, A.R. 124/2010 &sect;&nbsp;3.2(1) (Can.). Unless the Court orders otherwise, an affidavit of value must be filed before an application for foreclosure is filed. Alberta Rules of Court &sect;&nbsp;9.30. Before an application is filed for a redemption order, an order that secured property be offered for sale, a foreclosure order, an order confirming sale, an order for sale to the plaintiff or an order appointing a receiver, the plaintiff must file: (a)&nbsp;a certified copy of all the current titles to the secured land; and (b)&nbsp;if the secured property includes chattels, the results of a current Personal Property Registry search of each of the names of the registered owners of the secured land, or the purchasers of the secured land in the case of an agreement for sale. Alberta Rules of Court &sect;&nbsp;9.31. The effect of a judgment not only vests the title of the property in the mortgagee but also extinguishes the mortgage debt. Law of Property Act &sect;&nbsp;48(1). An order nisi in a mortgage action must direct that the property be offered for sale before foreclosure is permitted. Law of Property Act &sect;&nbsp;40(2). The property will then be sold as directed by the court and any surplus with respect to the purchase money will go to the mortgagor. The Court may offer secured property for sale at a time and place, in a manner, and at a price that the Court considers appropriate. If the Court orders that secured property be listed with a realtor, a listing agreement approved by the Court must, unless the Court otherwise orders, be appended to, and forms part of, the order granted. Alberta Rules of Court, &sect;&sect;&nbsp;9.32 (2). Lenders may seek an order for sale of secured property provided there is no order nisi. If lenders pursue an order for sale, the Court must consider whether a public sale should be attempted before the plaintiff's application is heard. An order of sale granted to a lender is referred to as a &lsquo;Rice order' (Trusts and Guarantee Company Ltd. v. Rice, [1933] S.C.R. 656 (Can.). The Court will consider a number of factors in deciding whether to grant a &lsquo;rice order' or not, such as the nature of the secured property and its value. Alberta Rules of Court &sect;&sect;&nbsp;9.33 (2). The &lsquo;rice order' would either transfer the lands to the mortgagee at the appraised value of the lands or preserve the mortgagee's deficiency claim against the mortgagor and the secured lender's guarantors. Alberta Rules of Court &sect;&nbsp;9.34 (1). The final order of foreclosure's effect is to extinguish the mortgagor's right to redeem the mortgaged premises and all rights on title with respect to the property. Law of Property Act &sect;&nbsp;48(1).

BRIEF DESCRIPTION OF PROCEDURE

The time to be fixed for redemption by the order nisi in an action for foreclosure of a mortgage and the time to be fixed for redemption by the order for specific performance in an action on an agreement for sale shall, be 1 year from the date the order is granted in the case of farm land, and 6 months from the date of the granting order for all other land. Law of Property Act &sect;&nbsp;41(1).

REDEMPTION PERIOD AND PRICE

Any waiver or release of the rights, benefits, or protection given is against public policy and void, Law of Property Act &sect;&nbsp;40(5), 43(3), 44(3), but the redemption period may be reduced. The Court on application may decrease or extend the period of redemption having regard to several circumstances such as the debtor's ability to pay, the land's value, whether the land has been abandoned, the nature, extent, and value of the security held by the creditor, the debtor's earning capacity, and whether the debtor's failure to pay was due to temporary or permanent unemployment or other conditions beyond the debtor's control. Law of Property Act &sect;&nbsp;41(2).

WAIVER OF REDEMPTION; REDUCTION OF REDEMPTION PERIOD

Where the mortgage is granted by individuals in respect of residential land or farm land, the mortgagee is limited to the land alone and cannot sue on the covenant to pay found in the mortgage. Law of Property Act &sect;40, 44, 47. Deficiency judgments or declarations may be ordered by the Court where the mortgage is given or assumed by a corporation or where the mortgage is a high-ratio mortgage given to secure a loan under the National Housing Act (Canada) or is insured by an insurer licensed under the Insurance Act (Alberta). Law of Property Act &sect;43, 45, 46. The plaintiff must file and serve on every defendant a calculation of the deficiency, or a statement of the secured indebtedness, statement of money received and disbursed, a bill of costs, and the proposed form of order. Alberta Rules of Court &sect;&nbsp;9.35 (1)(a). An assessment will be made of the documents by an &lsquo;assessment officer'. When the order and the certificate have been returned to the plaintiff or the plaintiff's lawyer, the plaintiff may enter the order and file the certified bill of costs. Alberta Rules of Court &sect;&nbsp;9.35(2). Plaintiffs may re-attend before the master or judge who granted the order if they are not satisfied with the assessment officer's assessment. Alberta Rules of Court &sect;&nbsp;9.35(4).

DEFICIENCIES

Commercial leases which are unregistered (or registered after the registration of the subject mortgage) are generally subordinate to the mortgage, and at the option of the lender, may be terminated through the exercise of foreclosure (unless a non-disturbance agreement (“NDA”) is in place between the tenant and the lender). Commercial leases registered prior to the mortgage must be recognized by both the tenant and a mortgagee in possession/purchaser from the lender because of such tenant's prior interest in the mortgaged property. To eliminate any uncertainty arising from mortgage enforcement, NDAs with key tenants are common practice. Residential tenants are generally not affected by mortgage enforcement.

EFFECT OF FORECLOSURE UPON LEASES

Under the Criminal Code, R.S.C. 1985, c. C-46, §&nbsp;347 (Canadian Federal legislation), it is an offence for a lender to charge an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds 60%<a href="#_ftn1" name="_ftnref1">[1]</a> on the credit advanced under an agreement. This annual rate is calculated including all fees payable by the borrower (whether or not characterized in the loan documents as “interest”).Under the Interest Act, R.S.C. 1985, c.1-15, § 8, lenders may not charge “default interest” on mortgage loans secured by real property in Canada (i.e., an interest rate that is higher following default than prior to default). This general restriction includes fines, lump-sum bonuses, penalties and other “disguised” interest rate hikes after default, as well as interest rates that are structured as discounts or incentives (i.e., lower rates payable so long as there is no default). “Default interest” will not include compound interest (interest on overdue interest at the same interest rate) or a “prepayment charge” (unless the prepayment charge is triggered by a loan default or lender realization). This prohibition on “default interest” has been considered many times by Canadian Courts at all levels, and these Courts have generally upheld this prohibition on the context of all types of avoidance schemes and structures. Courts have been willing to accept interest rate “step-ups” triggered by the expiration of time only (i.e., unrelated to default), provided that they are used only in freely negotiated commercial mortgage loans and are not structured in a manner that offends the clear intention of this statutory prohibition.Canadian Federal legislation (Interest Act, R.S.C. 1985, c. I-15 §&nbsp;6) also requires that every mortgage of land that is payable by blended payments (typically, an amortizing mortgage loan) must contain a statement showing the equivalent interest rate calculated on a yearly or half-yearly basis, not in advance. If the mortgage does not contain this statement, no interest at all is payable. Interest only mortgages are not required to include this statement. Where the interest is calculated on any basis other than yearly or half-yearly, not in advance, a statement of the equivalent yearly or half yearly interest rate, or a concordance chart, will be included in the mortgage to comply with this disclosure requirement.

USURY CEILING

Section 347 of the Criminal Code (Can.) does not apply to a person (other than a financial institution defined in the Bank Act (Can.)) in respect of a payday loan agreement if the amount advanced is $1,500 or less and the term of the agreement is 62 days or less and the person is licensed by a designated province. Criminal Code, R.S.C., 1985, c. C-46 &sect;&nbsp;347.1(2) (Can.).

USURY EXEMPTIONS

The registration of financing statements at the Personal Property Registry perfects the security interest in the collateral. Personal Property Security Act, R.S.A. 2000, c. P-7 &sect;&nbsp;25 (Can.). Registration can be done at an office of the Registry specified by the Minister. Personal Property Security Act &sect;&nbsp;43(1). Generally, most interests are registered by completing a financing statement and submitting it to a registry agent for registering on-line in Alberta Personal Property Registry Electronic System (APPRES). When the interest is registered on APPRES, the Registry Agent will provide a verification statement to confirm the registration information as it was recorded on APPRES. Government of Alberta, Service Alberta.

LOCATIONS FOR FILING

Yes. Charges on land, and statutory charges may be registered in the Personal Property Security Registry. Personal Property Security Regulation, 95/2001 &sect;&nbsp;2.

SECURITY INSTRUMENT AS FIXTURE FILING

Alberta is the only province with a Guarantees Acknowledgment Act, which stipulates that no written agreement by any person other than a corporation (apart from a bill of exchange, cheque or promissory note, a partnership agreement, a bond given pursuant to a statute, the guarantee given on the sale of an interest in land or chattels) has any effect unless the person entering into the agreement appears before a lawyer, acknowledges to the lawyer that the person executed the guarantee; and in the presence of the lawyer signs a statement in the prescribed form. R.S.A. 2000, c. G-11 §&nbsp;3&nbsp;(Can.). From the period of August 15, 2020 up to and including August 15, 2024, this guarantee can be executed through a two-way video call. §&nbsp;3.1. The form can be found under the regulation: Guarantees Acknowledgment Forms Regulation, Alta. Reg. 66/2003 (Can.). A seal is required on the form.It is also highly recommended that independent legal advice be obtained in circumstances where a guarantee is provided by any person who is either unrepresented, unsophisticated or whose interests otherwise appear to be materially different from those of the borrower (i.e., a non-owning spouse).

UNUSUAL PROVISIONS OR REQUIREMENTS

There are no specific time limitations with respect to actions on mortgages, so the general limitation period applies as it does to other proceedings. Claimants must seek a remedial order within 2 years after the date on which the claimant first knew or ought to have known (i.e. &lsquo;discoverability'). This limitation period does not apply where a claimant seeks a remedial order for possession of real property. Limitations Act, R.S.A. 2000, c.&nbsp;L‑12. &sect;&nbsp;3(4) (Can.). Otherwise, the ultimate limitation period for all claims is 10 years after the claim arose. Limitations Act &sect;&nbsp;3(1)(b).

STATUTE OF LIMITATIONS PERIOD

The Registrar will discharge a mortgage wholly or in part, on the land comprised in it wholly or in part, according to the tenor of the discharge, and shall make an entry of the discharge on the certificate of title affected by the discharge. Land Titles Act &sect;&nbsp;106(1). A discharge occurs on the production to the Registrar of a discharge in the prescribed form signed by the mortgagee and accompanied with the proper affidavit of execution. Land Titles Act &sect;&nbsp;106(1)(a). It may also occur on the production of a certificate signed by a judge certifying that the judge is satisfied of the payment of all or part of the money secured by the mortgage, and that the mortgagee is living, or if dead, that no succession duty or other tax is payable to the Crown in right of Alberta with respect to the mortgage or encumbrance. Land Titles Act &sect;&nbsp;106(1)(b). Last, it may occur on the production of a certificate signed by a judge certifying that the right of any person to recover any money secured by the mortgage has been extinguished by reason of the operation of the Limitation of Actions Act, RSA 1980 c. L-15 (Can.), or is unenforceable pursuant to an immunity from liability established under the Limitations Act. Land Titles Act &sect;&nbsp;106(1)(c).

REQUIREMENTS FOR RELEASE OF LIEN

Alberta's Dower Act requires married persons to obtain the spouse's consent before a disposition of the homestead of the married person will vest in any other person at any time. &sect;&nbsp;2 (1). The spouse may consent to the disposition in writing. When no consent is produced, the Registrar shall, before registering any mortgage, require an affidavit of the mortgagor that the land described in the instrument is not subject to the Dower Act or that the mortgagor is not married, and the affidavit shall be supported by any other evidence by affidavits or otherwise that the Registrar may prescribe. Land Titles Act &sect;&nbsp;163. When the disposition is executed under a power of attorney, the party executing the disposition, if that party is acquainted with the facts, may make the affidavit. This dower requirement is not necessary where property is held jointly (as tenants in common or joint tenants). Dower Act &sect;&nbsp;25(2).

HOMESTEAD ISSUES

The family home is defined as property that is owned or leased by one or both spouses, has been occupied by the spouses as their family home, and is a house, mobile home, a residential unit under the Condominium Property Act (Alberta), a suite or living accommodations as part of business premises. Family Property Act &sect;&nbsp;1(a.2). The Court may distribute all property owned by both spouses or either of them, including the family home. The value of property acquired prior to the marriage, by inheritance, and as a gift from a third party is exempt from distribution. Family Property Act &sect;&nbsp;7.

COMMUNITY PROPERTY

MORTGAGE TAX

Unlike other Canadian provinces, Alberta's stamp tax is not a fixed fee. Fees for registering a mortgage may be found under the Tariffs and Fees Regulation of the Land Titles Act. Alta. Reg. 120/2000. Generally, a mortgage that is not otherwise specifically mentioned is $50 to register, with an additional $1.50 for each $5,000 of the principal amount, except if the value of the land or interest in land being mortgaged or encumbered in Alberta is less than the principal amount, the fee may be based on the value of the land or interest in land. (See regulation for a complete list of all fees according to mortgaging scenario).

DOCUMENTARY STAMP TAX

TRANSFER TAX

An Alberta court has jurisdiction to hear an action on the covenant to pay in a mortgage granted by a company incorporated in Alberta, notwithstanding that the mortgaged land is situated in another province. The governing law is that of the other province. Wincal Properties Ltd. v. Cal-Alta. Holdings Ltd., [1983] 3 W.W.R. 57 (Can. Alta. Q.B.). Given the unique aspects of real estate and mortgage law in each Canadian province, mortgages are typically enforced under the laws of the province where the property is located.

ENFORCEABILITY OF AGREEMENT AS TO CHOICE OF LAW PROVISIONS

A receiver may be appointed to enforce or protect the security or rights under the mortgage. Law of Property Act &sect;&nbsp;49(1). The receiver may be appointed to collect rents or profits arising from the land and empower the receiver to exercise the powers of a receiver and manager. The proceeds of rents or profits collected by the receiver, less any fee or disbursements the Court may allow to the receiver by way of remuneration, shall be applied in payment of taxes accruing due or owing on the land in receivership, and in reduction of the claims of the mortgagee or vendor against the land in receivership. Law of Property Act &sect;&nbsp;49(4). On default of the mortgagor, the Court may order possession of the land to be delivered up to the receiver and leased by the receiver on any terms and conditions the Court considers fit. Law of Property Act &sect;&nbsp;49(6). Receivers can be discharged by the Court at any time, or may be substituted by another person. Law of Property Act &sect;&sect;&nbsp;49(8), (9).

RECEIVER AVAILABLE

Under the Consumer Protection Act, no loan broker can charge or collect a fee for assisting a person to obtain a loan unless the fee is paid directly to the loan broker by a credit grantor or lender for referral of a business or is for the purpose of obtaining a lease or leasing arrangements. 2000, c. F-2 &sect;&nbsp;54(1) (Can.).

ANY PROHIBITION OR SPECIAL RULES REGARDING LOAN APPLICATION, LOAN FEES OR COMMITMENT FEES

There is a strict requirement for a business consisting of a mortgage loan brokerage to be duly licensed in order to handle mortgage loans on behalf of lenders, although there are some exceptions to the general rule. Generally, domestic Canadian mortgage lenders are regulated either federally (such as a bank or a federally incorporated insurance company or trust company) or provincially (such as a provincially incorporated insurance company or trust company, or any private lender including mortgage brokerages). In addition, in order to register a mortgage in Alberta any mortgage lender must be either incorporated or regulated under certain bank or trust company legislation or be incorporated or extra-provincially registered in Alberta. Transaction-specific legal advice is recommended in order to determine what qualifications or licensing is required.

LENDER QUALIFICATION AND/OR LICENSURE

There are no unique or unusual provisions for modifying mortgages in Alberta. With respect to certain amendments (e.g. an increase in the principal amount of the mortgage), a lender will normally register such amendments. Execution formalities typical to all registrable documents in Alberta will apply to a mortgage amendment that is to be registered.

MODIFICATIONS

It is generally unlikely that a mortgagee will be liable for environmental issues until the mortgagee takes steps to enforce upon a mortgage. A mortgagee may incur liability after taking steps to enforce a mortgage. For this reason, most mortgage lenders (i) require a clean environmental assessment of the mortgaged property prior to the initial loan advance, and (ii) where possible, an updated environmental assessment prior to taking possession of a mortgaged property in order to facilitate the lender's sale of the property at the best possible price and to avoid lender exposure to unexpected environmental claims. Transaction-specific legal advice is recommended in order to determine potential lender liability.

ENVIRONMENTAL LIEN LAW ISSUES

Given that Alberta operates under a Torrens System, title opinions are rarely requested for commercial mortgage transactions. Commercial mortgage loans usually require a formal legal opinion as to existence of each loan obligor, due authorization, execution and delivery, and (in some cases) enforceability of the mortgage documents. There is no standard form for these legal opinions, but they generally share similar assumptions and many common qualifications.

OPINIONS

INCEPTION OF L&amp;M LIEN (Priority of Lien of Deed of Trust or Mortgage): A lien may be registered at the Land Titles Office by filing a statement of lien in the prescribed form. Prompt Payment and Construction Lien Act, RSA 2000, c P-26.4, § 34(1), as amended. the name and address of the lienholder and of the person for whom the work was done or for whom the materials were furnished must be provided. The name of the owner or alleged owner should be provided but a lien should not be rejected for this reason unless there is some other critical defect. (Canadian Patent Scaffolding Co. Ltd. v. Capton Holding Ltd., (1985) 63 A.R. 106 (Can. Alta. Q.B.). The date when the work was completed or the last materials were furnished, or a statement that the work is not yet complete or the materials have not yet all been furnished, as may be the case. Prompt Payment and Construction Lien Act, §§ 34 (2)(b). A short description of the work done or to be done or of the materials furnished or to be furnished must be provided. Prompt Payment and Construction Lien Act, § 34 (2)(c). The sum claimed as due or set to become due. Prompt Payment and Construction Lien Act, §§ 34 (2)(d). A proper legal description of the land and the estate or interest against which the builders' lien is claimed must be provided. Prompt Payment and Construction Lien Act, § 34(2)(e). The lienholder's address for service must be in Alberta. Prompt Payment and Construction Lien Act, §§ 34 (2)(f). A registered mortgage or a mortgage registered by way of a caveat has priority over a lien to the extent of the mortgage money in good faith secured or advanced in money prior to the registration of the statement of lien. Prompt Payment and Construction Lien Act, § 11(4). Advances or payments made under a mortgage after a statement of lien has been registered rank after the lien, but a mortgagee who has applied mortgage money in payment of a statement of lien that has been registered is subrogated to the rights and priority of the lienholder who has been so paid to the extent of the money so applied. Prompt Payment and Construction Lien Act, § 11(5).PRIORITY OF REMOVABLE FIXTURES (Priority of the Vendor's Lien, Lien of Deed of Trust or Mortgage): During the continuance of a lien no part of the material giving rise to the lien shall be removed to the prejudice of the lien. Prompt Payment and Construction Lien Act, § 17(1). The material actually delivered and to be used for an improvement is subject to a charge in favour of the person furnishing the material until incorporated in the improvement, and is not subject to execution or other process to enforce a debt other than a debt for the purchase of the material due to the person furnishing the material. Prompt Payment and Construction Lien Act, § 17(2)-(4).

LABOR AND MATERIAL LIEN CLAIMS (“L&M LIEN”)—PRIORITY ISSUES

Given that Alberta operates with a Torrens System, title insurance is still not commonly used on all mortgage loans. That being said, title insurance has become used more increasingly to address specific issues, such as gap insurance to avoid delays in funding due to registration timing issues in Alberta and survey coverage where no survey is available. In addition, when the mortgagee is based in a jurisdiction outside of Alberta, title insurance may be required as a matter of their specific funding requirements. Several U.S. title insurers operate in Alberta through Canadian subsidiaries in a very similar manner to their U.S. counterparts. The full range of endorsements, tailored to Alberta law, is available.

Alberta

Mortgage Law Summary

Continue reading the
Mortgage Law Summary for Alberta

Alberta

Mortgage Law Summary

Continue reading theMortgage Law Summary for Alberta

Continue reading the
Mortgage Law Summary for Alberta