ABORIGINAL LAND ACT 1991 - SECT 126
General conditions and requirements
ABORIGINAL LAND ACT 1991 - SECT 126
General conditions and requirements
126 General conditions and requirements
(1) A home ownership lease is subject to all of the following conditions—
(a) the annual rental under the lease is the amount, of not more than $1,
decided by the lessor;
(b) the consideration payable for the lease must
include, as a lump sum payment, an amount equal to the value of the lease land
as decided by the lessor using at least 1 of the following—
(i) a valuation
methodology decided by the chief executive;
(ii) the benchmark purchase
price, as prescribed by regulation, for land in the part of the State in which
the lease land is situated;
(c) the lease land must be used primarily for
residential use;
(d) if a dwelling for residential use is not situated on the
lease land when the lease is granted—the lessee must ensure a dwelling for
residential use is built on the land within 8 years after the lease is
granted.
(2) A lessor may grant a home ownership lease only if the amount
equal to the value of the lease land decided under subsection (1) (b) has been
paid to the lessor.
(3) The chief executive—
(a) must, if asked, give a
person a copy of the valuation methodology mentioned in subsection (1) (b) (i)
; and
(b) may make the valuation methodology available for inspection on the
department’s website.
(4) However, the value of the lease land under
subsection (1) (b) must be taken to be nil if—
(a) the lessee is the
recipient of a hardship certificate under the new Land Holding Act ; and
(b)
the certificate has not previously been used under this section, whether or
not the land identified in the certificate is the same as the lease land.
