HOME MORTGAGE FINANCE ACT, 2008 (ACT 770)
Section 20—Sale of mortgaged property on default
(1) Where a mortgagor fails to carry on an act or acts secured by the mortgage, the mortgagee may sell the mortgaged property.
(2) A mortgagee may exercise the right of sale without recourse to court.
(3) The sale of mortgaged property may be by public auction or private contract.
(4) Where a sale is conducted by a public auction, the Auction Sales Act, 1989 (P.N.D.C.L. 230) shall apply except that the Auctioneer's fees shall not exceed three per centum of the gross amount realised from the sale.
(5) Except where a sale is conducted by public auction, a mortgagee who intends to exercise the power of sale shall give fourteen days notice of the sale to the mortgagor and each person of whom the mortgagee has notice to have an interest in the property.
(6) The notice required is considered to be served on the interested persons if published in a public local newspaper on the seventh and fourteenth day before the date of the sale.
(7) A mortgagee is liable for loss caused by a sale carried out in contravention of this Act.
(8) A mortgagor or a person who has an interest in the mortgaged property may purchase the property at the sale subject to the conditions in subsection (3).
Subject : Mortgage
Procedure to Follow
Not Avaiable
Responsible Institution
Securities and Exchange Commission
No. 30, 3rd Circular Road, Cantonments, Accra.
- Email: info@sec.gov.gh
- Website: https://sec.gov.gh/
- GPS: GL-076-6028
- Telephone: 0302768970
Relevant Forms to Download
Online System
Fees/ charges
Not Avaiable
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