What's a section 74?

[Dono]

Hi Everyone,

After reading this forum for a few months now I decided to buy my first investment property in Eltham, Victoria.

I've just received a pack from the bank and apologies for the stupid question but what is a section 74? Specifically, should I put the settlement date into the 'Date of this Mortgage' section? and I sign the 'Execution and attestation' section?

I also notice a 'Please register and issue the certificate of title to ' ... at the bottom below the 'Order to Regsiter'? Do I need to fill this out as well?

The rest of the items appear to be pre-populated by the bank but I'm slightly confused by which parts I need to fill out.

Thank you again for any assistance,

Dono

 

[Jake Milne]

Hi Everyone,

After reading this forum for a few months now I decided to buy my first investment property in Eltham, Victoria.

I've just received a pack from the bank and apologies for the stupid question but what is a section 74? Specifically, should I put the settlement date into the 'Date of this Mortgage' section? and I sign the 'Execution and attestation' section?

I also notice a 'Please register and issue the certificate of title to ' ... at the bottom below the 'Order to Regsiter'? Do I need to fill this out as well?

The rest of the items appear to be pre-populated by the bank but I'm slightly confused by which parts I need to fill out.

Thank you again for any assistance,

Dono

Section 74 just means you're buying a property with a mortgage.

Yes you should put your intended settlement date... Usually you choose from 30, 45, 60, 90 or 120 days from the date the contract is signed.

The cert of title should be issued to you as you're buying the land.

It really sounds like you need the help of a conveyancer - I recommend calling Lexus Conveyancing for Melbourne. Call: (03) 9670 0744 or visit http://lexcon.com.au

Creation and nature of mortgages and charges
74. Creation and nature of mortgages and charges

(1) The registered proprietor of any land-

(a) may mortgage it by instrument of mortgage in an appropriate approved
form;

(b) may charge it with the payment of an annuity by instrument of charge
in an appropriate approved form.

(2) Any such mortgage or charge shall when registered have effect as a
security and be an interest in land, but shall not operate as a transfer of
the land thereby mortgaged or charged.