(1) A purchaser under a terms contract who is not in default under the contract may require the vendor to convey or transfer the land to the purchaser freed and discharged from all mortgages.
(2) The power under subsection (1) may be exercised at any time after acceptance of title and before payment in full of the purchase money.
(3) A requirement under subsection (1) must be made by written notice served on the vendor.
S. 29H(4) amended by No. 63/2010 s. 58.
(4) The power to require the vendor to convey or transfer land is conditional on the purchaser at the same time executing a mortgage or mortgages in favour of the vendor, or any other person the vendor requires, to secure the payment of all money that would have become payable by the purchaser under the contract if the mortgage had not been executed.
(5) If land sold under a terms contract is subject to a mortgage or mortgages and the terms and conditions of the mortgage or mortgages are not more onerous than the terms and conditions under the contract, the vendor may comply with a requirement under subsection (1) by transferring the land subject to the existing mortgage or mortgages.
(6) The power of the vendor under subsection (5) is conditional on the purchaser executing a mortgage to secure the amount that should be payable to the vendor having regard to the liabilities to be assumed by the purchaser under the existing mortgage or mortgages.
(7) This section applies to a terms contract entered into before or after the commencement of Part 6 of the Consumer Credit (Victoria) and Other Acts Amendment Act 2008 .
S. 29I inserted by No. 6/2008 s. 33.