Victorian Consolidated Legislation

Sale of Land Act 1962 - SECT 29Q

Vendor may require purchaser to execute mortgage

29Q. Vendor may require purchaser to execute mortgage



(1) A vendor may, by written notice to the purchaser, require the purchaser-

   (a)  to take a transfer or conveyance of any land subject to a terms
        contract; and

   (b)  at the vendor's expense, to execute any mortgage or mortgages in
        favour of the vendor and other persons that the vendor may require.

(2) The obligations of the purchaser under the mortgage or mortgages referred
to in subsection (1) must be not more onerous to the purchaser than the
obligations of the purchaser under the terms contract.