32PApplication of Division

32P Application of Division

(a) the owner of the property (the vendor) grants an option to, or is granted an option by, another person (the first purchaser); and

S. 32P(1)(b) substituted by No. 84/2008 s. 6(1), amended by No. 28/2017 s. 32(1)(a).

(b) any of the following persons (a subsequent purchaser) obtains or assumes a transfer right in relation to the property—

S. 32P(1)(b)(iii) amended by No. 28/2017 s. 32(1)(b).

(iii) if there is more than one first purchaser, one or more of the first purchasers in different proportions from those specified in the option; and

(c) after the option is granted, but before the property or any part of it is transferred, land development occurs in relation to the property or part; and

S. 32P(2) amended by No. 28/2017 s. 32(2).

(2) It is immaterial whether a subsequent purchaser obtains or assumes a transfer right—

(a) by way of an assignment, nomination, novation, option, contract of sale or otherwise; and

S. 32P(3) amended by No. 28/2017 s. 32(2).

(3) Each assignment, nomination, novation, option, contract of sale or other arrangement by which a subsequent purchaser obtains or assumes a transfer right is called a subsequent transaction.

S. 32P(4) inserted by No. 28/2017 s. 32(3).

transfer right means—

(a) a right to enter into a contract of sale of a property or any part of a property; or

(b) a right to a transfer of a property or any part of a property; or

(c) an obligation to enter into a contract of sale of a property or any part of a property; or

(d) an obligation to accept a transfer of a property or any part of a property.

S. 32Q inserted by No. 36/2005 s. 10.