Property Law Bill introduced to the House
Proposed legislation to reform the Property Law Act 1952 has been introduced to Parliament, says the Associate Justice Minister Clayton Cosgrove.
Monday, October 30th 2006, 4:47PM
by The Landlord
Cosgrove said the Property Law Bill is largely based on Law Commission recommendations for people buying or selling property, or mortgaging their property to raise finance. The Bill also applies to commercially leased property.
Examples of the reforms proposed by the Law Commission include:
· Mortgagees (such as banks) will have to notify other interested parties (such as a friend or relative who guaranteed the mortgage) when exercising rights over a property after a mortgagor defaults on a mortgage. Currently only mortgagors have to be notified.
· Unless otherwise agreed, commercial tenants will be required to leave a property in good condition at the end of a lease only if it was in good condition at the start of the lease. Currently they may be required to do so regardless of the condition of the property at the outset.
The Bill codifies the existing law relating to the cancellation of leases that is currently found in several sources.
The Bill also codifies the law relating to the cancellation of agreements for sale and purchase.
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