Mortgages

“ In the legal profession the term ‘costs’ refers to the fees and other expenses a practitioner charges a client for their professional services and other payments that arise out of the provision of legal services, including disbursements such as court fees. Costs are one of the most heavily ... ”

“ NSW Land Registry Services NSW Participation Rules for Electronic Conveyancing ”

“ Personal Property Securities 1001 Conveyancing Answers for NSW ”

“ All mortgages and discharges of mortgage, regardless of whether the mortgagee is an Authorised Deposit-Taking Institution (ADI), must be lodged electronically. See the PEXA Help Centre for detailed guidance on completing different transactions in the workspace. ”

“ This publication does not intend to provide precedents for use in institutional lending or lending by organisations in the business of lending, but rather to provide straightforward documentation for those many one off occasions that money is either borrowed from or lent to clients. In particular, ... ”

“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”

“ The National Mortgage Form is a national initiative that standardises the content and presentation of mortgages lodged for registration through all lodgement channels with land registries in participating Australian states and territories. Mortgagees and practitioners across all jurisdictions must ... ”

“ The mortgage must be supported by a loan agreement between the mortgagee and the mortgagor. The guide includes two loan agreements that may be used to record the creation of the loan relationship. The Mortgage Linked Loan Agreement is linked to the mortgage which incorporates the provisions found in ”

“ Where a registered mortgage already exists, a subsequent mortgage will usually be referred to as a ‘second mortgage’. To register a second mortgage, the second mortgagee will need to obtain the consent of the first mortgagee, who will create and lodge a Third Party Consent via PEXA to allow the ... ”

“ A collateral security is a security given in addition to the principal security, which is independent of, but subordinate to, the principal agreement. A collateral mortgage, therefore, is a mortgage relating to the same debt as the principal security, often referred to as a primary instrument, and ... ”

“ Under the Torrens system there can be no legal mortgage without registration. However, once executed by the parties there is an equitable mortgage pending registration. There are variants of the equitable mortgage but in essence there are two types: ”

“ A mortgage is ordinarily supported by a loan agreement which establishes how much money is owed by the borrower to the lender. However, some loan agreements are on an ‘all monies’ basis and seek to allow for further advances. These ‘all monies mortgages’ do not include a dollar amount of the debt ... ”

“ The National Credit Code replaced the old state and territory based consumer credit codes back in July 2010. Today the code is found in Schedule 1 to the National Consumer Credit Protection Act. The Code has a broad effect on mortgages and s 7 stipulates the type of mortgages which are regulated ... ”

“ Practitioners acting in mortgage matters must also ensure that they fully understand their obligations under the Legal Profession Uniform Law 2014. The regulatory framework applies to mortgage practices, rather than solicitor’s practices that occasionally receive instructions to act on a mortgage, ... ”

“ The Farm Debt Mediation Act 1994 provides a compulsory mediation procedure before a farmer's creditors can take possession of property or exercise other enforcement acts under a farm mortgage. For a discussion of the legislation see: Craigie v Champion Mortgage Services Pty Ltd Craigie v Champion ... ”

“ If one joint proprietor forges the signature of another joint proprietor, the lender's interest will gain the benefit of indefeasibility upon registration. However, the mortgage will only be enforceable against the innocent party to the extent of the mortgage debt and so reference must be made to ... ”

“ Personalty refers to personal property, as opposed to real property. The Personal Property Securities Register (PPSR) provides a national register for people wishing to register their security interests over personal property. The Personal Property Securities Act 2009 governs the priorities between ... ”

“ A mortgagee is not able to exercise the mortgagee’s power of sale under s 57(2) and s 58(1) of the Real Property Act and s 109 of the Conveyancing Act unless the mortgage is registered. If not registered a court order for judicial sale is required. The default usually, but not always, relates to a ... ”

“ Unless the terms of the notice are complied with, the mortgagee’s power of sale is exercisable after the expiration of the notice period. In this regard the acts allow the mortgagor one month in which to remedy the breach. This period can be, and often is, varied in the mortgage. The mortgagee must ... ”

“ Section 60 of the Real Property Act 1900 gives the mortgagee the power to take possession of the secured property. The mortgagor may vacate the property voluntarily. If not, the mortgagee will have to issue a Writ for Possession in the Supreme Court. The mortgagee will obtain the issue of a warrant ... ”

“ Section 61 Real Property Act 1900 sets out the procedure for foreclosure. This is a process by which the mortgagee becomes absolute owner of the land free from any encumbrances and the rights of the mortgagor. This is not a simple procedure and is used as a last resort when all other remedies have ... ”

“ Once a mortgagee exercises the power of sale and sells the secured property the proceeds from that sale have to be accounted for. Section 58 of the Real Property Act 1900 sets out the order of priority for payment of the proceeds of a mortgagee’s sale. It is: ”

“ When finalising a matter, it is important to terminate the retainer. This informs the client in writing that all work on the matter is complete and that no further work will be undertaken unless the firm is otherwise instructed. If the matter is finalised in such a way that the client retains ... ”