29IWhat 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).

S. 29J inserted by No. 6/2008 s. 33.