Mortgages Act, 1972 N.R.C.D. 96
Section 3:
(1) A mortgage is not enforceable unless
(a) it is evidenced by a writing signed by the mortgagor or by the agent of the mortgagor authorised by the mortgagor in writing to sign, or
(b) it is excused from the necessity of a writing by the operation of the rules of equity, including the rules relating to fraud, duress, hardship, unconsciousnability and part performance, or
(c) it is excused from the necessity of a writing by an enactment, in the case of a customary law transaction.
(2) A writing evidencing a mortgage is, for the purpose of this Act, an instrument which may be registered in accordance with the Land Registry Act, 1962 (Act 122).
(3) A registrar empowered to register instruments in accordance with the Land Registry Act, 1962 (Act 122) may, in addition to a power given by that Act, refuse to register a writing evidencing a mortgage unless the writing
(a) states the name and address of each mortgagor and each mortgagee,
(b) states the nature of the mortgagor’s interest in the property which is mortgaged and the extent to which that interest is subject to the mortgage,
(c) identifies the mortgaged property by reference to its location and boundaries (which may be by reference to an official plan) or to a previously registered writing describing that property,
and
(d) where the mortgage secures the payment of money, states the date on which payment is due and states the principal sum of money lent or to be lent, or if the sum of money to be lent is indeterminate the writing so states, and if further advances are to be made and secured by the mortgage the writing so states.
(4) A writing evidencing the transfer or encumbrance of a mortgage or an interest in a mortgage is, for the purposes of this Act, an instrument which may be registered in accordance with the Land Registry Act, 1962 (Act 122).
(5) A writing evidencing a discharge of a mortgage or a part of a mortgage in accordance with section 22 of this Act is, for the purposes of this Act, an instrument which may be registered in accordance with the Land Registry Act, 1962 (Act 122), which writing shall be registered without the payment of stamp duty.
Procedure to Follow
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Responsible Institution
28th February Road, Finance Drv, Accra
- Email: info@mofep.gov.gh
- Website: www.mofep.gov.gh
- GPS: GA-144-2024
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