Queensland Property Law Act 2023
Chapter 5: Mortgages (mortgagee powers and duties, mortgagor rights) – Queensland Property Law Act 2023

Queensland Property Law Act 2023 116-118: Duty to sell at market value, buyer protection and application of proceeds

What does 116-118 require?

A mortgagee exercising a power of sale must take reasonable care to ensure the property is sold at market value, and for a prescribed mortgage must, unless with reasonable excuse, adequately advertise the sale, obtain reliable evidence of value, maintain the property, sell by auction unless there is a reasonable reason for private sale and comply with the other requirements section 116 lists. The buyer from the mortgagee is protected from inquiry into the exercise of the power (section 117). Proceeds are held on trust and applied in the order section 118 prescribes: expenses of sale, the mortgage debt and prior mortgages as provided, subsequent mortgages, then the mortgagor.

Maintained by Gerard Blokdyk

Other controls in Chapter 5: Mortgages (mortgagee powers and duties, mortgagor rights) – Queensland Property Law Act 2023

Query this from an agent

The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.