Memorandum of Common Provisions (NSW) for Legal Practitioners & Property Professionals
Ensure consistency and clarity in property transactions with our Memorandum of Common Provisions (NSW). This document is designed for lawyers, conveyancers, financial institutions, and property professionals, providing a structured framework for standard mortgage provisions applicable to property dealings in New South Wales.
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Memorandum of Common Provisions NSW
Regular use is made of a Memorandum of Common Provisions (MCP) to include provisions in Instruments and plans e.g. covenants in mortgages, restrictive covenants and easements in transfers and covenants in leases.
Memorandum of common provisions of mortgage being the standard mortgage terms & conditions drafted by Lawyers and lodged with NSW Land Registry Services for incorporation by reference.
We have also included an unbranded version (without the author’s logo), and a Word version so that you can include your own branding if you wish.
Why Legal Practitioners and Property Professionals Need a Memorandum of Common Provisions (NSW)
A Memorandum of Common Provisions (NSW) is essential for streamlining property transactions by incorporating standard terms and conditions into multiple mortgage and loan agreements. This document provides consistency, reduces administrative burden, and ensures compliance with standard legal provisions applicable to property dealings.
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NEW SOUTH WALES
Key Benefits of a Memorandum of Common Provisions (NSW):
- Reduces repetitive documentation by applying standard terms across multiple agreements.
- Ensures clarity and consistency in property transactions.
- Facilitates efficiency in mortgage and security agreements.
- Enhances legal compliance with NSW property and mortgage regulations.
- Minimises disputes by defining clear rights and obligations.
MEMORANDUM OF COMMMON PROVISIONS 33 pages
- DEFINITIONS AND INTERPRETATION
- CONSIDERATION
- OBLIGATION TO PAY AND DISCHARGE THE SECURED MONEY
- MORTGAGE
- OBLIGATIONS TO DEPOSIT CERTIFICATES OF TITLE AND OTHER DOCUMENTS
- REPRESENTATIONS AND WARRANTIES
- GENERAL AND FINANCIAL UNDERTAKINGS
- OBLIGATIONS RELATING TO MORTGAGED PROPERTY
- INSURANCE
- ACCESS
- FURTHER ASSURANCES
- INDEMNITIES
- DEFAULT
- OBLIGATIONS TO GIVE NOTICE OR PROVIDE INFORMATION
- POWERS OF THE MORTGAGEE
- RECEIVERS
- EXERCISE OF POWERS
- RECEIPT AND APPLICATION OF MONEY
- NO OBLIGATION TO EXERCISE RIGHTS OR GIVE CONSENT
- CONTINUING SECURITY
- PRESERVATION OF MORTGAGEE’S RIGHTS
- SET‑OFF
- POWER OF ATTORNEY
- ILLEGALITY, FORCE MAJEURE
- AMENDMENT IN WRITING
- MORTGAGE AS A DEED
- COSTS
- ENTIRE AGREEMENT
- SEVERABILITY
- MORATORIUM LEGISLATION
- ASSIGNMENT
- NOTICES
- JURISDICTION
Agreement is 33 pages long
The National Credit Code regulates the provision of credit services, and exempts lawyers from requiring a licence to engage in certain credit activities. Lawyers may draft mortgage documentation for clients provided that they did not introduce the borrower and lender and are not associated with anyone who did. If a client comes to you with instructions to draft a mortgage for a borrower they have already selected, you are permitted to draft the mortgage documentation by virtue of your capacity as a lawyer. The legislation and rules are complex and you should refer to the source legislation if you are in any doubt as to whether your instructions fall within the permitted parameters or not. Links to all legislation and rules are provided throughout the commentary.
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