Friday, August 16, 2013
Alberta government to shy away from mandatory flood warning on land titles
The Alberta government is backing away from a plan to put warnings on land titles for properties in flood-risk zones. I am curious to see if any banks/mortgage lenders will entertain future mortgage loans on homes in the flood zones considering the title will still have a notice explaining that the homeowners received government assistance for disaster relief. In my experience, as soon as mortgage lender finds out anything potentially detrimental to a property they usually shy away from lending on it. This could make it very difficult for homeowners in the flood zones to sell their properties. Read the full story here.