Victorian Consolidated Legislation

Sale of Land Act 1962 - SECT 29I

What must the mortgage provide

29I. What must the mortgage provide



(1) The mortgage required under section 29H to be executed must-

   (a)  contain all the powers and covenants on the part of the mortgagor that
        are usual in mortgages of land that is similar in kind to the land
        that is the subject of the relevant terms contract; and

   (b)  fully accord with and provide for observance of all obligations of the
        purchaser under the terms contract; and

   (c)  be prepared at the cost of the purchaser and registered under the
        Transfer of Land Act 1958.

(2) If, in compliance with a requirement made by a purchaser under section
29H, a mortgage is accepted, the mortgage is deemed to be a proper mortgage
and to comply with subsections (1)(a) and (1)(b).