57Contract of sale subject to mortgage

57 Contract of sale subject to mortgage

(1)  A person who is specified in a contract of sale under section 55 as the purchaser may apply under section 56 to purchase under section 56 the land, or the share of or interest in the land, to which the contract under section 55 relates.

(2)  If a person who, in accordance with subsection (1) , applies under section 56 to purchase under section 56 land, or a share of or interest in land, to which a contract under section 55 relates is specified alone in the contract under section 55 as the purchaser of the land or the share or interest in the land, the contract of sale under section 56 may be –

(a) with the person alone; or

(b) if the person so stipulates in the application, with the person and an eligible person so stipulated.

(3)  If an application under section 56 is made in accordance with subsection (1) , section 56(7) applies in relation to the applicant with the following changes:

(a) the deposit referred to in section 56(7)(a) is reduced by the amount that the purchase-price specified in the contract of sale under section 55 has been paid, together with the deposits (if any) paid under section 87 and the interest on those deposits; and

(b) if the amounts paid in reduction of the purchase-price together with those deposits and interest are more than 5% of that purchase-price, the deposit is constituted by the total of those amounts, those deposits and that interest; and

(c) if the outstanding liability of the purchaser by virtue of the contract of sale under section 55 is not more than 90% of the then current market value as assessed by Homes Tasmania, the deposit is constituted by an amount representing the difference between that liability and that market value –

and the total purchase-price is the price specified in the contract of sale entered into under .