64CLand transferred to financial institution then leased and

64C Land transferred to financial institution then leased and transferred to individual (a) the individual, acting as an agent for the financial institution, enters into a contract of sale for land in the ACT with another person; and (b) the other person transfers the land to the financial institution under the contract (the first transfer); and (c) at the time of the first transfer, the financial institution leases the land to the individual for a fixed period under an agreement— (i) between the financial institution and the individual; and

(ii) that gives an option to the individual to purchase the land at the end of the fixed period or another period agreed by the parties to the agreement; and (d) at the end of the period— (i) the individual exercises the option to purchase the land under the agreement; and (ii) the financial institution transfers the land to the individual for consideration agreed by the parties to the agreement (the second transfer). (2) Duty under this chapter is not payable in relation to— (a) the agreement; or (b) the second transfer.