Law of Property Regulation (Alta. Reg. 89/2004)

© Published by Alberta Queen’s Printer E-mail: qp@gov.ab.ca Shop on-line at www.qp.alberta.ca Alberta Queen’s Printer 7th Floor, Park Plaza 10611 - 98 Avenue Edmonton, AB T5K 2P7 Phone: 780-427-4952 Fax: 780-452-0668 Province of Alberta Office Consolidation Alberta Regulation 89/2004 With amendments up to and including Alberta Regulation 150/2014 LAW OF PROPERTY ACT LAW OF PROPERTY REGULATION Copyright and Permission Statement Alberta Queen's Printer holds copyright on behalf of the Government of Alberta in right of Her Majesty the Queen for all Government of Alberta legislation. Alberta Queen's Printer permits any person to reproduce Alberta’s statutes and regulations without seeking permission and without charge, provided due diligence is exercised to ensure the accuracy of the materials produced, and Crown copyright is acknowledged in the following format: © Alberta Queen's Printer, 20 .* *The year of first publication of the legal materials is to be completed. Note All persons making use of this consolidation are reminded that it has no legislative sanction, that amendments have been embodied for convenience of reference only. The official Statutes and Regulations should be consulted for all purposes of interpreting and applying the law. (Consolidated up to 150/2014) ALBERTA REGULATION 89/2004 Law of Property Act LAW OF PROPERTY REGULATION Definition for purposes of Act 1(1) In this section, “existing encumbrance or mortgage” means an encumbrance or mortgage that is registered and that has or will continue to have priority over or equal priority with the mortgage to be given. (2) For the purposes of sections 43(4.1) and (4.2) and 44(4.1) and (4.2) of the Law of Property Act and this Regulation, “high ratio mortgage” means a mortgage of land given to secure a loan under which the specific principal sum of the mortgage, together with the specific principal sum of any existing encumbrance on or mortgage of the same land, exceeds 75% of the market value of the land at the time the mortgage is given. (3) In determining the specific principal sum for the purposes of subsection (2), the specific principal sum is the maximum amount secured by the mortgage or encumbrance. Statement on mortgage 2(1) A high ratio mortgage for the purposes of sections 43(4.1) and (4.2) and 44(4.1) and (4.2) of the Law of Property Act must also contain the following statement: This mortgage is a high ratio mortgage to which sections 43(4.1) and (4.2) and 44(4.1) and (4.2) of the Law of Property Act apply. You and anyone who, expressly or impliedly, assumes this mortgage from you, could be sued for any obligations under this mortgage if there is a default by you or by a person who assumes this mortgage. (2) The statement referred to in subsection (1) must be published prominently on the mortgage document. Expiry 3 For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on July 31, 2019. AR 89/2004 s3;150/2014 Section 4 AR 89/2004 LAW OF PROPERTY REGULATION 2 Coming into force 4(1) This Regulation, except section 2, comes into force on August 1, 2004. (2) Section 2 comes into force on August 1, 2006. Printed on Recycled Paper *9780779781744*