Caveats have to do with priority only.
In operation, the caveating system under the Alberta Act is virtually the same as a typical modern North American recording system. Respondent files a caveat the next day. In other words, priority is a problem only if a true conflict exists . If so, priority of mortgages is never affected by order of registration. Or, a transfer that is expressly made subject to some prior transaction, or which includes a valid reservation, etc.