Section 183 — Property Law Act 2007: Mortgagee may transfer or assign mortgaged property to purchaser

183 Mortgagee may transfer or assign mortgaged property to purchaser (1) On the sale of mortgaged property by a mortgagee,— (a) the mortgagee’s written receipt is a sufficient discharge to the purchaser for payment of the purchase money or other consideration; and (b) the mortgagee may execute all assurances and do all other things necessary to transfer or assign the property to the purchaser. (2) The mortgagee’s powers under subsection (1)(b) include, in the case of a mortgage over land under the Land Transfer Act 1952 , the power to do either or both of the following: (a) execute a transfer instrument that may be registered under section 105 of that Act: (b) register a transfer instrument under that Act. (3) However, if the mortgagee is the purchaser, the transfer or assignment must be executed or registered by the Registrar under section 196 or in accordance with an order of a court made under section 200 . (4) A transfer instrument or other instrument executed or registered by the mortgagee under subsection (1) or (2) transfers or assigns the property to which it relates to the transferee or assignee— (a) free from all liability on account of— (i) the mortgage under which the power of sale was exercised; and (ii) any subsequent mortgage or other subsequent encumbrance over the property; but (b) subject to— (i) any mortgage or other encumbrance, estate, or interest over or in the property that has priority over the mortgagee’s mortgage and has not been discharged or otherwise terminated; and (ii) any other estate or interest in the property that is binding on the mortgagee. (5) Subsection (4) is, in the case of an executed transfer instrument or other instrument, subject to the need for its registration under any enactment. Compare: 1952 No 51 s 98(1)