Part 13Extensions

Part 13—Extensions 153—Renewal or extension of mortgage etc (1) A mortgage, encumbrance or lease may be renewed or extended by registration of an instrument in the appropriate form. (2) An instrument renewing or extending a lease must be lodged in the Lands Titles Registration Office not later than 2 months after the day on which the lease would, but for the renewal or extension, expire. 153A—Requirements for renewal or extension of mortgage (1) Certification required under section 273(1) in relation to an instrument lodged for registration in the Lands Titles Registration Office renewing or extending a mortgage must be provided by the mortgagee. (2) If certification under section 273(1) is provided by a mortgagee in relation to an instrument lodged for registration in the Lands Titles Registration Office renewing or extending a mortgage, the instrument will be taken, for the purposes of this section, to have been executed by the mortgagee. (3) The Registrar‑General may register an instrument lodged for registration in the Lands Titles Registration Office renewing or extending a mortgage that is executed solely by the mortgagee— (a) if the Registrar‑General is satisfied that a document in the same terms as the instrument lodged for registration (the corresponding document) has been executed by the mortgagor and retained by the mortgagee; and (b) in a case where the mortgagee is not an ADI—if certification required under section 273(1) in relation to the instrument has been provided— (i) by a legal practitioner or a registered conveyancer; or (ii) if the Registrar‑General has given written approval for another person to provide the certification—by that person. (4) If the Registrar‑General registers an instrument renewing or extending a mortgage that is executed solely by the mortgagee, the corresponding document— (a) must be retained by the mortgagee until he or she ceases to be mortgagee; and (b) if the mortgage is transferred under section 150—must be given to the transferee. (5) If the mortgage is transferred under section 150, the corresponding document must be retained by the transferee until he or she ceases to be mortgagee. (6) To avoid doubt, the execution of an instrument under this section is not required to be witnessed. 153B—Obligations of mortgagee (1) A mortgagee under a registered mortgage must not execute an instrument renewing or extending the mortgage without first verifying, in accordance with the verification of authority guidelines, the mortgagor's authority to enter into the transaction for the renewal or extension of the mortgage. (2) A mortgagee must retain a copy of any document used for the purpose of fulfilling his or her obligations under subsection (1) for the period prescribed by the regulations.