29QVendor 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.

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