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ARTICLE · 25 SEPTEMBER 2009

Mortgagees: New Duties And Obligations

Clayton Utz
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Mortgagees in NSW will need to review how they verify the identification of the mortgagor and exercise their power of sale.

AustraliaReal Estate and Construction
Peter McMahon (Formerly With Clayton Utz)
Peter McMahon (Formerly With Clayton Utz)
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Key Points:
Mortgagees in NSW will need to review how they verify the identification of the mortgagor and exercise their power of sale.

The Real Property and Conveyancing Legislation Amendment Act 2009 (NSW) (Amendment Act), which will amend both the Real Property Act 1900 and the Conveyancing Act 1919, came into force on 13 May 2009. The Amendment Act will enact various legislative changes which are important to note as they may require a change in practice by mortgagees. These changes relate to:

  • verifying the identification of the mortgagor; and
  • exercise of the mortgagee's power of sale.

These changes relating to mortgagees will commence on a date to be proclaimed. It is likely such proclamation will not occur for up to six months.

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