Available in Alberta only, Stewart Title’s Commercial Gap-Only Policy for either owners or lenders can be obtained for a low, one-time premium and is intended to provide parties with the ability to close their transaction and advance funds prior to registration of their interest on title being completed. Commercial Gap-Only Policies provide the peace of mind necessary to allow for transactions to close on a timely basis.
This policy is available for properties such as:
The policy is effective from the date that the insured’s interest is submitted for registration and remains in effect until the interest is fully registered.
Generally, the amount of insurance for the Commercial Gap-Only Policy for owners is the purchase price of the property and for lenders, it is the mortgage amount.
Stewart’s Commercial Gap-Only Policies provide coverage for loss arising from intervening registrations occurring between the transaction closing and when the insured ownership interest or mortgage interest are fully registered on title. There are no endorsements such as survey or zoning attached to this policy, and no coverage over prior existing encumbrances.
You might consider obtaining a Gap-Only Policy where:
Contact us for additional information.
This website is intended to provide information that is of a general nature and is subject to modification. Coverage and requirements can vary depending on the nature of the transaction and location of the property involved. Please review your actual Stewart Title policy for full coverage details.