Building Boost Grant Act 2011
sec.14What is an eligible home purchase contract
Start here
Get a plain-English read of sec.14
Turn the raw legal text into a practical explanation grounded in Building Boost Grant Act 2011.
sec.14 What is an eligible home purchase contract
A home purchase contract is an eligible home purchase contract if— it is for the purchase of a new home that is, or is to be, built on land in the State; and the transaction commencement day is on or after 1 August 2011 and before 1 May 2012; and either— it is for the acquisition of a relevant interest in the land on which the home has been built; or it is for the acquisition of a relevant interest in the land on which the home is to be built, before completion of the contract, by or for the seller of the home and at the expense of the seller; and it has been entered into by each person who on completion of the contract will have a relevant interest in the land; and the total of the following is less than $600,000— the unencumbered value of the home; the unencumbered value of the relevant interest in the residential land at the transaction commencement day for the contract; and for a contract to purchase a new home on a proposed lot on an unregistered plan of subdivision of land— the contract provides that the building work must start before 1 May 2013 and be completed before 1 May 2015; or See section 120 . if subparagraph (i) does not apply, the building work under the contract is— started before 1 May 2013; and completed before 1 May 2015, or within a longer period allowed by the commissioner. s 14 amd 2012 No. 4 s 4 (1) – (3) (retro), (4)
- (a) it is for the purchase of a new home that is, or is to be, built on land in the State; and
- (b) the transaction commencement day is on or after 1 August 2011 and before 1 May 2012; and
- (c) either— (i) it is for the acquisition of a relevant interest in the land on which the home has been built; or (ii) it is for the acquisition of a relevant interest in the land on which the home is to be built, before completion of the contract, by or for the seller of the home and at the expense of the seller; and
- (i) it is for the acquisition of a relevant interest in the land on which the home has been built; or
- (ii) it is for the acquisition of a relevant interest in the land on which the home is to be built, before completion of the contract, by or for the seller of the home and at the expense of the seller; and
- (d) it has been entered into by each person who on completion of the contract will have a relevant interest in the land; and
- (e) the total of the following is less than $600,000— (i) the unencumbered value of the home; (ii) the unencumbered value of the relevant interest in the residential land at the transaction commencement day for the contract; and
- (i) the unencumbered value of the home;
- (ii) the unencumbered value of the relevant interest in the residential land at the transaction commencement day for the contract; and