Chicago Title has you covered while the Alberta Registries Spatial Information System (SPIN2) system is down.
Gap coverage is included in all of our policies and insures both purchasers and lenders against loss or damage resulting from intervening registrations between the date of closing and actual registration. Title Insurance will allow the transaction to close and all monies to be released on the scheduled closing date.
During the SPIN2 outage, we require you to have a title search dated within 30 days of closing and all documentation required for registration to be fully completed and ready for submission to Land Titles office. In order for the owner and lender to both benefit from this coverage, you must obtain a policy for both parties. An owner cannot make a claim under a lender policy if an intervening registration occurs.
When the system is operational and you have registered your documents in a timely manner, please advise Chicago Title Insurance Company of any intervening registrations. The policies cannot be canceled once registration has taken place.
Chicago Title recognizes the obstacles that may be created with the unavailability of electronic searching and are committed to creating valuable title solutions that enable you to continue closing your deals uninterrupted.
If you have any further questions or concerns regarding gap coverage, please contact one of our Underwriters at Chicago Title Insurance Company.