A mortgage loan agreement sets the terms of the contract between a lender and a borrower. Once signed, the agreement gives the borrower access to the money. Such an agreement also grants the lender the right to take possession of the mortgaged property if the borrower does not pay the loan’s installment
A comprehensive (38 page) Mortgage Loan Agreement that may be used as a stand-alone document. For registration Mortgages dated on or after the 3rd of March 2018 must be lodged on the National Mortgage form. Mortgage Front Pages are available as a free download and a link is provided in the download document itself.
- Obligation to pay
- Certificates of title
- Representations and warranties
- General and financial undertakings
- Strata & community title
- Further assurances
- Give notice or provide information
- Mortgagee’s powers
- Receipt and application of money
- No obligation to exercise rights or give consent
- Continuing security
- Preservation of mortgagee’s rights
- Combining accounts, set off
- Power of attorney
- Illegality, force majeure
- Amendment in writing
- Entire agreement
- Moratorium legislation
- Trust provisions
- Schedule 1: Epitome of Mortgage
38 pages long.
Mortgages dated on or after the 3rd of March 2018 must be lodged on the National Mortgage form. Mortgage Front Pages are available as a free download . The link to the latest version is in the download. The precedents that follow are the nuts and bolts of the mortgage. They form the terms and conditions, but must be attached to the National Mortgage form front page before the mortgage can be registered.