What is a second mortgage and how is it registered in Alberta?

This answer covers the law of Alberta.

A second mortgage is a loan secured by a charge on your home that ranks behind your first mortgage. The Land Titles Act defines a mortgage as a charge on land created merely to secure a debt or loan. It works as security only, so you stay the registered owner. A second mortgage is registered the same way as a first mortgage and carries its own levy.

Ranking depends on registration order, not signing date. The Registrar assigns a serial number only after the request is examined and found complete and in proper form. The first mortgage has the earlier serial number, so the second ranks behind it. Lenders can agree to change that order by filing a postponement.

To register, you sign the mortgage in the prescribed form or to the like effect. The documents are submitted to a Land Titles office, with fees due at the time of submission. The levy is $50 plus $5 per $5000 or portion secured, reduced to added principal for related same-lender mortgages on one condominium unit. Once the document is registered, the submitter receives a registration notice. Your lender's own conditions and the role your lawyer plays vary, so confirm them before you sign.