sec.126General conditions and requirements

sec.126 General conditions and requirements

A home ownership lease is subject to all of the following conditions— the annual rental under the lease is the amount, of not more than $1, decided by the lessor; 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— a valuation methodology decided by the chief executive; the benchmark purchase price, as prescribed by regulation, for land in the part of the State in which the lease land is situated; the lease land must be used primarily for residential use; 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. 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. The chief executive— must, if asked, give a person a copy of the valuation methodology mentioned in subsection (1) (b) (i) ; and may make the valuation methodology available for inspection on the department’s website. However, the value of the lease land under subsection (1) (b) must be taken to be nil if— the lessee is the recipient of a hardship certificate under the new Land Holding Act ; and 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. s 126 ins 2011 No. 26 s 61 sub 2014 No. 45 s 12 (sec.126-ssec.1) A home ownership lease is subject to all of the following conditions— the annual rental under the lease is the amount, of not more than $1, decided by the lessor; 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— a valuation methodology decided by the chief executive; the benchmark purchase price, as prescribed by regulation, for land in the part of the State in which the lease land is situated; the lease land must be used primarily for residential use; 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. (sec.126-ssec.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. (sec.126-ssec.3) The chief executive— must, if asked, give a person a copy of the valuation methodology mentioned in subsection (1) (b) (i) ; and may make the valuation methodology available for inspection on the department’s website. (sec.126-ssec.4) However, the value of the lease land under subsection (1) (b) must be taken to be nil if— the lessee is the recipient of a hardship certificate under the new Land Holding Act ; and 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.