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ARTICLE · 02 NOVEMBER 2011

NSW: Mortgage identification requirements will commence 1 November 2011 – be prepared

Kells
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Lenders, brokers and legal advisers must comply with the new requirements or face a refusal to register a mortgage.

AustraliaCorporate/Commercial Law
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By Amy Harper

The Real Property and Conveyancing Amendment Act was passed by Parliament in 2009 but not all sections commenced immediately. It amended the Real Property Act in respect of mortgagor identification obligations. On 1 November 2011 the remaining sections will commence, along with the Real Property Amendment Regulation. Lenders, brokers and their legal advisers must comply with the new requirements or face the Registrar General refusing to register their mortgage.

Fraud prevention

Following an increased incidence of fraudulent mortgages being registered, a greater onus is being placed on mortgagees to ensure the identity of mortgagees at the lending stage.

Mortgagees failing to meet the identification obligations risk significant consequences, including the potential cancellation of the mortgage in certain circumstances.

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