Mortgage scheme
PA Wellington A pilot scheme to enable legal firms to discharge Housing Corporation mortgages in their own offices instead of at corporation premises will be tried in Christchurch and at Auckland. the Minister of Housing (Mr Quigley) has said. ■ "Security documents will be forwarded by mail to the vendor's solicitor who will act as the corporation's agent on settlement and in repayment of outstanding principal and interest." said the Minister.
"Although the new scheme will be optional and will therefore enable practitioners to choose between two methods of settlement. I believe most will see the advantage of the revised procedure and will adopt it,” he said.
"Providing a firm holds current professional negligence insurance, solicitors’ trust account cheques will be accepted on the same basis as cash or bank cheques to repay corporation loans so that documents may be released immediately,” said the Minister.
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Press, 28 March 1981, Page 23
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146Mortgage scheme Press, 28 March 1981, Page 23
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