PROPERTY LAW ACT 1974 - SECT 73 Land not to be mortgaged by vendor

PROPERTY LAW ACT 1974 - SECT 73

73 Land not to be mortgaged by vendor

(1) A vendor under an instalment contract shall not without the consent of the purchaser sell or mortgage the land the subject of the contract.

(2) Where land is mortgaged in contravention of this section—

(a) the instalment contract shall be voidable by the purchaser at any time before completion of the contract; and

(b) the vendor shall be guilty of an offence against this Act.

Penalty—

Maximum penalty—9 penalty units.

(3) Nothing in this section affects—

(a) the rights of any bona fide purchaser from the vendor for value and without notice of the instalment contract; or

(b) the Land Title Act 1994 .