132 OUR ENGLISH LAND MUDDLE. 



If the amount at which the land is valued 

 is less than the price fixed in the agreement, 

 the agreement shall be rescinded, unless 

 the vendor agrees to reduce the price or the 

 parties confirm the agreement. 



On approval by the Minister of an appli- 

 cation, the vendor may surrender to the 

 Crown the land agreed to be purchased, in 

 order that the purchaser may acquire it as 

 a settlement purchase. 



On the surrender to the Crown, and on 

 the purchaser paying to the bank a deposit 

 of 6 per cent, of the proposed advance by 

 the bank, the land, subject to the mortgage 

 to be given, vests in the purchaser as a 

 settlement purchase. 



On the surrender the Commissioners shall 

 pay the vendor the whole or part of the 

 purchase money. The bank advances the 

 amount on mortgage of the land by the 

 purchaser. 



The advance, with interest at 4 per cent., 

 is to be repaid by the purchaser in instal- 

 ments. The maximum amount of the loan 

 is £2,500. 



