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Mortgage Lenders generally assume their mortgage security extends over all of the fixtures in a mortgaged home. That is not always the case. Notices of Security Interest (NOSI) are a way that other creditors can give notice that they claim a higher-priority interest over certain fixtures in a home. Mortgage Lenders need to be aware of when another Creditor may claim a competing priority over a fixture in a home.
If you read news or watch house-hunting TV shows, you may hear about people buying houses at a great deal, “fire sale” price because they bought a house in foreclosure. While home buyers in other jurisdictions may be able to snag homes at rock-bottom prices, the situation in Alberta is more complicated. More
Don’t despair. There is assistance. The Land Titles Act was created to give borrowers a way out of mortgages registered for more than was advanced when you have asked the Bank/Lender to advance the further funds registered and they have refused.
This case confirmed that a Purchaser of property from a Court Ordered sale has liability for withholding 25% of sales proceeds pending clearance from Revenue Canada where a Defendant is a non-Canadian resident. More
In a decision from last fall, the Alberta Court of Appeal upheld a judge’s order that preferred a sale of a property in foreclosure over transferring title to the highest priority lender, where that sale generated surplus funds for other creditors. More