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StatuteProperty Law Act 2007

Section 193 — Property Law Act 2007: Withdrawal of land from sale

Text of the provision Official document

193 Withdrawal of land from sale (1) The Registrar may approve, under section 190 , conditions of sale that include a right on the part of the vendor mortgagee to withdraw from the sale the whole or any part of the land proposed to be sold, at any time before the land has been sold, and whether or not the bidding has reached the discharge sum nominated for the land. (2) If, in the opinion of the Registrar, the vendor mortgagee unreasonably withdraws from sale the whole or any part of the land proposed to be sold, the Registrar must disallow all or part of the expenses of, and incidental to, the sale as the Registrar thinks fit. (3) For the purposes of sections 87 , 88 , 152 , 153 , and 185 , no expense disallowed under subsection (2) is an amount paid or advanced with a view to the realisation of the security. (4) The Registrar may withdraw from sale under section 190 the land proposed to be sold if the Registrar becomes aware of any irregularity or impropriety in any matter preliminary to its sale.

Official source: legislation.govt.nz

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Statutory text from an official public source. Informational content — does not replace advice from a qualified lawyer.