HOME MORTGAGE FINANCE ACT, 2008 (ACT 770)
Section 21—Purchaser's interest in the sale of mortgaged property
(1) A mortgagee at whose instance sale is made shall not purchase the mortgaged property except where the sale is carried out at a public auction or subject to the approval of the mortgagor and all the persons known to the mortgagee to have an interest in the property where the sale is carried out by private contract.
(2) A mortgagee who exercises a right of sale may convey to the purchaser the whole of the mortgagor's interest in the mortgaged property.
(3) A purchaser of a mortgaged property shall take
(a) title to the mortgaged property free of interests to which the mortgagee who requested the sale has priority but subject to interests which have priority to that mortgage, and
(b) title documents related to the mortgaged property other than title documents held by a person with an interest of priority to the mortgage of the mortgagee who requested the sale.
(4) Without limiting the provisions of section 24 of the Lands Registry Act 1962, (Act 122) and the provisions of Part IV of the Land Title Registration Act, 1986 (P.N.D.C.L. 152)
(a) a certificate of purchase executed by the mortgagor, the auctioneer and the purchaser pursuant to an auction sale of the mortgaged property; or
(b) where the sale is by private contract, a statutory declaration by a mortgagee as proof of a mortgage, default by the mortgagor under the terms and conditions of the mortgage and a sale of the mortgaged property pursuant to the default
is sufficient to establish the title of the purchaser to the mortgaged property and for registration under the Land Title Registration Act, 1986 (P.N.D.C.L. 152) or the Lands Registry Act, 1962 (Act 122).
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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