44   Registered property agreement to run with land

(1)  The parties to a property agreement may consent to the registration of the agreement in accordance with this section.

(2)  On being notified by the Director-General that a property agreement has been entered into and the parties have consented to the registration of the agreement, the Registrar-General is required:

(a)  to register the agreement in the General Register of Deeds, and

(b)  if appropriate, make an entry:

(i)  in the Register kept under the Real Property Act 1900, or

(ii)  in any official record relating to Crown land,

      which relates to the land to which the agreement applies.

(3)  A property agreement that has been registered by the Registrar-General in accordance with this section is binding on, and is enforceable by and against, the successors in title to the landholder or landholders who entered into the agreement. Those successors in title are taken to have notice of the agreement.

(4)  A property agreement relating to land under the Real Property Act 1900 about which an entry is made in a folio is an interest recorded in the folio for the purposes of section 42 of that Act.

(5)  A reference in this section to a property agreement includes a reference to any variation or termination of the property agreement.

(6)  In this section:

successors in title includes a mortgagee, chargee, covenant chargee or other person, in possession of land to which a property management agreement applies pursuant to a mortgage, charge, positive covenant or other encumbrance entered into before the registration of the property agreement.