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Lina A.
Lina A.
Melbourne, VIC
4 Likes
1 Followers

I'm interested to know - is a vendor required to disclose the amount required to pay out the mortgage at settlement? Is there a law that explains this?

5 months ago

Responses

Hi Lina
In QLD no and I can't imagine it would be in other states.
At settlement we do get an amount payable to the vendor's lender but that may only be apart of the total if they have other security.

Hi Lina,

When you are purchasing a property your conveyancer or solicitor will run title searches to confirm whether or not a mortgage is registered there, but it will only show the details of the mortgagee and does not disclose the amount.

The vendor's conveyancer will obtain a payout figure and advise the mortgagee of the intended sale, on behalf of the vendor. At settlement the conveyancer will ensure that the appropriate funds are made available to discharge the loan, and instruct their disbursal accordingly.

I do not believe that the vendor is under any obligation to disclose any details of their mortgage to a buyer.

Kind regards,
Sean

5 months ago

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