9BTransfer of option occurring on nomination or other change

#### 9B Transfer of option occurring on nomination or other change 9B Transfer of option occurring on nomination or other change > > (1) A transfer of an option to purchase land in New South Wales is taken to occur if, for valuable consideration— > > > > > (a) another person is nominated to exercise the option, or > > > > > (b) another person is nominated as purchaser or transferee of the land the subject of the option on or before the exercise of the option, or > > > > > (c) the option holder agrees to a novation of the option, or otherwise relinquishes rights under the option, so that another person obtains a right to exercise the option or to purchase the land. > > > (2) For the purposes of this Act, in a case referred to in subsection (1) (a) or (b)— > > > > > (a) the option is taken to be transferred when the nomination is made (and a reference in this Act to the time at which a transfer occurs includes a reference to such a time), and > > > > > (b) the person nominated is taken to be the transferee of the option (and a reference in this Act to a transferee includes a reference to such a person). > > > (3) For the purposes of this Act, in a case referred to in subsection (1) (c)— > > > > > (a) the option is taken to be transferred when the option holder agrees to the novation or otherwise relinquishes rights under the option (and a reference in this Act to the time at which a transfer occurs includes a reference to such a time), and > > > > > (b) the person who obtains a right to exercise the option or to purchase the land is taken to be the transferee of the option (and a reference in this Act to a transferee includes a reference to such a person). > > > (4) This section applies regardless of when the option is exercisable. > > > (5) For the purposes of this section, anything done by a person under a power of appointment or other authority granted by an option holder is taken to have been done by the option holder. > > > (6) To avoid doubt, a person who has a right to accept an offer to sell land has a right to purchase the land. > > > (7) To avoid doubt, a transfer of an option to purchase land that is taken to occur under this section is a transfer of dutiable property and a reference in this Act to a transfer of dutiable property or a dutiable transaction includes a reference to such a transfer. > > > (8) In this section— > > > > option holder, in relation to an option to purchase land in New South Wales, means a person who has a right to purchase the land under the option (whether vested or contingent). > > **s 9B:** Ins 2014 No 56, Sch 1 \[4\].