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ARTICLE · 06 APRIL 2009

Real Property And Conveyancing Legislation Amendment Bill 2009 – NSW

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Following on from our January 2009 update on the statutory duty of mortgagees to sell at market value, we report on the Real Property and Conveyancing Legislation Amendment Bill 2009 which is currently before the NSW State Parliament.

AustraliaFinance and Banking

Following on from our January 2009 update ( click here to read) on the statutory duty of mortgagees to sell at market value, we report on the Real Property and Conveyancing Legislation Amendment Bill 2009 which is currently before the NSW State Parliament.

Among its various objects, the Bill purports to impose:

  • additional identification requirements upon mortgagees when taking security
  • a duty of care on mortgagees when exercising powers of sale on mortgages obtained from individuals.

Onus on mortgagees in relation to identification of mortgagors

The Bill sets out a new requirement to identify mortgagors before a mortgage is presented for registration. Mortgagees must take "reasonable steps" to confirm that the person executing the mortgage as mortgagor is the same person as the registered proprietor of the land that secures the loan to which the mortgage relates. It is proposed that the regulations will prescribe what constitutes "reasonable steps"

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