Extended super priority lien coverage is now available to private lenders on residential transactions.
At FCT, we understand the risks you face. That’s why, our extended super priority lien coverage is now available to private lenders for residential transactions.
Legal professionals can now order the extended super priority lien coverage for $75.00 to protect private lenders against claims made within 10 years following the discharge of the mortgage, up to a maximum of $500,0001.
This is extremely important for lenders because the government has a number of years to make a super priority lien claim, which could result in the lender being responsible long after the mortgage is discharged.
How to order?
Online: simply include “Add super priority lien” in the notes section of your title insurance order.
By phone: call us at 1.866.804.3122 Monday to Friday from 8:00 am to 8:00 pm ET.
By email: reach us at residentialsolutions@FCT.ca
For more information on the extended super priory lien coverage for private lenders or any other FCT products and solutions, please contact your FCT Business Development Manager.
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1 The maximum amount of coverage is the lesser of the Insured Amount defined in the policy or $500,000. Legislation relating to deemed trusts is not limited to the Acts or governmental authorities referenced. Additional federal and provincial legislation may apply. The extended super priority lien coverage is not available for vendor take-back (“VTB”) mortgages, or residential policies insuring private lenders where the lender is not in first, second, or third priority. Any knowledge of existing liens or unpaid remittances must be disclosed for underwriting purposes.