Mortgages

“ In the legal profession the term ‘costs’ refers to the fees and other expenses a practitioner charges a client for their professional services and other payments that arise out of the provision of legal services, including disbursements such as court fees. Costs are one of the most heavily ... ”

“ Landgate Australian Financial Security Authority ”

“ Conveyancing (WA) Business and Franchise (WA) ”

“ See the detailed commentary A brief explanation of the transition to E-conveyancing for information on transactions that must be completed electronically, transactions that can be completed electronically and the full timeline for implementation. See the PEXA Help Centre for detailed guidance on ... ”

“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”

“ The National Mortgage Form is a national initiative that standardises the content and presentation of mortgages lodged for registration through all lodgement channels with land registries in participating Australian states and territories. Mortgagees and practitioners across all jurisdictions must ... ”

“ The Registrar will not register a memorandum of common provisions which conflicts with the Transfer of Land Act or other relevant legislation, particularly in relation to default or the giving of notices. If drafting such a memorandum, it is prudent to include where necessary a qualifying phrase, ... ”

“ Duty on mortgages and charges executed on and after 1 July 2008 has been abolished. Up to 30 June 2008, stamp duty was payable on a mortgage before the transaction instrument could be registered. ”

“ Some 93% of the state of Western Australia is Crown land. A mortgage over a registered interest, such as a lease or sublease, in Crown land may be registered under the Transfer of Land Act. The mortgage is prepared as for a freehold mortgage on form M1 Mortgage. As with Torrens title land, the ... ”

“ A second or subsequent mortgage has the same form as a first mortgage. Any number of mortgages may be granted over a property if the mortgagee is either satisfied that the mortgagor still retains sufficient equity in the property to support another mortgage, or is prepared to take another mortgage ... ”

“ Under the Torrens system there can be no legal mortgage without its registration. However, once executed by the parties, an equitable mortgage comes into existence pending registration. There are variants of the equitable mortgage but in essence there are two types: ”

“ A collateral security is one given in addition to the principal security and is independent of, but subordinate to, the principal security. A collateral mortgage, therefore, is a mortgage relating to the same debt as the principal security, often referred to as a primary instrument. The mortgage ... ”

“ The National Credit Code replaced the existing state and territory based consumer credit codes with effect from 1 July 2010. It is found in Schedule 1 to the National Consumer Credit Protection Act. The National Credit Code has a broad effect on mortgages. Section 7 of the National Credit Code ... ”

“ If one joint proprietor forges the signature of another joint proprietor, the lender's interest will gain the benefit of indefeasibility upon registration. The question that arises is indefeasible against what? If the documentation establishing the debt was also forged, the innocent party might not ... ”

“ As from 30 January 2012 the PPSA legislation governs the priorities between competing interests. Security interests, formerly known as charges, are registered with the Personal Property Securities Register under the Personal Property Securities Act. Charges registered at ASIC before 30 January 2012 ... ”

“ Every mortgage contains a power for the mortgagee on the mortgagor's default to sell the mortgaged premises or appoint a receiver. Sale is the usual remedy employed to recover the money owing. The default usually, but not always, relates to a default in payment of the principal sum secured by the ... ”

“ In the case of a default under an old system mortgage or a mortgage registered under the Transfer of Land Act, the mortgagee is entitled, without going to court, to exercise the power of sale. This power arises in relation to: a mortgage, effected by deed, under s 57(1)(a) Property Law Act 1969; or ”

“ Section 111 of the Transfer of Land Act gives the mortgagee the power to take possession of the secured property. The mortgagor may vacate the property voluntarily. If not, the mortgagee who wants possession will have to commence action to lawfully obtain it. Whilst it is not necessary to take ... ”

“ Foreclosure is the process by which the mortgagee seeks to extinguish the equity of redemption and vest the mortgaged property absolutely in the mortgagee. The right to foreclose is a remedy which is a natural incident of both legal and equitable mortgages, including an equitable mortgage created ... ”

“ The mortgagee’s duty to the mortgagor is to act in good faith in respect of the mortgagor’s interests. The mortgagee must act without fraud and without wilfully or recklessly sacrificing the mortgagor’s interests. This principle is set out in the High Court’s decision in Pendlebury v Colonial ... ”

“ Once a mortgagee exercises the power of sale and sells the secured property, the proceeds from that sale have to be accounted for. Section 109 Transfer of Land Act sets out the following order of priority for payment of the proceeds of a mortgagee’s sale: First, in payment of the expenses ... ”

“ A farm debt mediation scheme has been agreed between the Western Australian Farmers Federation and the Australian Banking Association, supported by the WA Department of Agriculture and Food. A committee has been established to assist with a voluntary mediation process to resolve farm mortgage ... ”

“ It is not intended here to provide precedents for use in institutional lending or lending by organisations in the business of lending but rather to provide straightforward documentation for those many one-off occasions that money is either borrowed from or lent to clients. Various statutory and ... ”