LAND TAX MANAGEMENT ACT 1956 - SECT 26
Purchaser and vendor
LAND TAX MANAGEMENT ACT 1956 - SECT 26
Purchaser and vendor
26 Purchaser and vendor
(1) If land under the provisions of the Real Property Act 1900 is the subject
of an agreement for sale that has not been completed by transfer of the land,
the person who is registered as the proprietor of the land under the
Real Property Act 1900 is taken, for the purposes of this Act, to be the
owner of the land, to the exclusion of the liability of the purchaser.
(2) If
land, not being land under the provisions of the Real Property Act 1900, is
the subject of an agreement for sale that has not been completed by conveyance
of the land, the vendor of the land is taken, for the purposes of this Act, to
be the owner of the land, to the exclusion of the liability of the purchaser.
(3) However, the purchaser under the agreement for sale is taken, for the
purposes of this Act, to be the owner of the land (to the exclusion of the
liability of the registered proprietor or vendor) if under the terms of the
agreement for sale--
(a) the purchaser is entitled to receive, if the land is
let to a tenant, any rents and profits derived from the tenancy, or
(b) the
purchaser is entitled to exclusive possession of the land and has taken
possession of the land.
(4) In this section--
"agreement for sale" means an agreement for sale of land that is in force.
