Quote Calculator | Residential | I'm a Legal Professional

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Policy type BothHomeownerLoan

Transaction type PurchaseRefinanceExisting homeowner

Purchase price $

New home from a builder? YesNo

Property type

Property province

Would you like to add a Market Value Endorsement for the homeowner? YesNo

Number of mortgages being insured

Mortgage amount 1 $

Number of Private Lenders

Is this order in conjunction with a Managed Mortgage Solution (MMS) transaction? YesNo

Would you like to add Deal Protection Endorsement to your title insurance order? YesNo

Mortgage Priority Endorsement

The Mortgage Priority Endorsement protects lenders when their residential mortgage is being registered in second priority, and where they intend to obtain priority behind the outstanding balance of the first mortgage, rather than behind the registered amount of the first mortgage. For an additional one-time premium, the endorsement insures against actual loss due to the first priority mortgage lender asserting a claim for priority over the insured second mortgage for amounts of principal only in excess of those on the mortgage information statements.

How to qualify for coverage:

To qualify for coverage, the lender or legal professional acting for the lender must ensure the following steps are taken, as of the date of policy:

For Ontario, Manitoba, British Columbia, Nova Scotia

No more than thirty days prior to the date of policy, obtain a mortgage information statement from the first mortgagee shown on the Title, showing all amounts secured by its Mortgage;
Provide written notice of the registration of this second priority mortgage by registered mail to the first priority mortgage lender;
For Nova Scotia only: the insured must record a copy of the notice in the parcel register.

For Alberta only

No more than thirty days prior to the date of policy, obtain a mortgage information statement from the first mortgagee shown on the Title, showing all amounts secured by its Mortgage;
Provide written notice by registered mail to the first priority mortgage lender that includes the following:
- the registration of its Mortgage;
- the borrower’s refusal to be bound by any further advances that would be secured by the existing Mortgage; and
- the borrower’s request for a discharge of the existing Mortgage as to any such further advances;

Note: Not available for third + mortgage priority deals.

For additional information on the Mortgage Protection Endorsement, please call 1.866.804.3122.

Would you like to add Mortgage Priority Endorsement to your title insurance order? Only available for second priority mortgages. YesNo

Property is First Nations? YesNo

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