A first mortgage is the mortgage registered first in priority on a property's title at the BC Land Title Office. Under the Land Title Act, RSBC 1996, c. 250, priority is generally determined by the order of registration. In a foreclosure or sale, the first mortgage lender is paid out before any second mortgage or other registered charges. Verify current details with a BC lawyer, notary, or licensed tax professional before acting.

Priority is generally determined by the time and date of registration on title at the BC Land Title Office, governed by the Land Title Act, RSBC 1996, c. 250. The first mortgage registered is first in priority, meaning it is paid out before subsequent mortgages or charges if the property is sold or foreclosed. Exceptions and specific circumstances (such as statutory liens) may apply—verify with a BC lawyer or notary before acting.

No. The Property Transfer Tax Act, RSBC 1996, c. 378, imposes PTT on the fair market value of the property being transferred, not on the mortgage itself. A mortgage is a charge registered against title, not a transfer of property. Verify current PTT exemptions and thresholds with a BC lawyer, notary, or the BC Ministry of Finance before acting.

Yes. Once the borrower repays the loan in full, the lender provides a discharge of mortgage, which is then registered at the BC Land Title Office under the Land Title Act, RSBC 1996, c. 250, to remove the charge from title. Partial discharges are also possible if only a portion of the debt is repaid or if part of the property is released. Verify the discharge process and requirements with a BC lawyer or notary before acting.

A first mortgage is registered first in priority on title; a second mortgage is registered after the first mortgage. Under the Land Title Act, RSBC 1996, c. 250, if the property is sold or foreclosed, the first mortgage is paid out in full before any proceeds go to the second mortgage lender. Second mortgages typically carry higher interest rates due to increased risk. Verify current details with a BC lawyer, notary, or licensed mortgage professional before acting.

CMHC (Canada Mortgage and Housing Corporation) mortgage default insurance protects the lender, not the borrower, if the borrower defaults. CMHC is a federal Crown corporation. The borrower pays the insurance premium (which can be added to the mortgage principal), but the coverage reimburses the lender for losses. Verify current CMHC insurance requirements and premiums with a licensed mortgage professional or CMHC directly before acting.

Yes. A mortgage can be assigned (transferred) from one lender to another, and the assignment is registered at the BC Land Title Office under the Land Title Act, RSBC 1996, c. 250. The borrower's obligations remain the same unless the mortgage contract is amended. Verify the assignment process and any implications for your mortgage terms with a BC lawyer, notary, or licensed mortgage professional before acting.

If the borrower defaults, the lender may pursue remedies including foreclosure or judicial sale under the Land Title Act, RSBC 1996, c. 250, and court rules. In foreclosure, the lender seeks a court order to take title to the property; in judicial sale, the property is sold and proceeds pay the first mortgage before junior charges. The specific rights and timelines depend on the mortgage contract and court process—verify with a BC lawyer before acting.

No. First mortgage interest rates are not capped or regulated by BC provincial legislation; they are set by the lender and governed by the mortgage contract and federal law, including the Interest Act, RSC 1985, c. I-15. The Bank of Canada sets the policy interest rate, which influences but does not dictate mortgage rates. Verify current rates and terms with a licensed mortgage professional before acting.

Yes. To establish legal priority and enforce the security interest against the property, a first mortgage must be registered at the BC Land Title Office under the Land Title Act, RSBC 1996, c. 250. An unregistered mortgage may not be enforceable against third parties or subsequent purchasers. Verify registration requirements and procedures with a BC lawyer or notary before acting.