29RVendor to advance amount for duty payable

29R Vendor to advance amount for duty payable

(1) Subject to subsection (2), if the purchaser to whom notice is given under section 29Q requires, the vendor must advance to the purchaser an amount equal to the duty payable by the purchaser under the Duties Act 2000 on the transfer or conveyance.

(2) The vendor is only required to advance the amount if the purchaser agrees to the amount advanced being added to the principal sum secured by the mortgage or by one of the mortgages specified by the vendor (as the case requires).

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