sec.272What is a home and first home for div 2

### sec.272 What is a home and first home for div 2 For this division— a residence that is constructed is a person’s home or first home if it is the person’s home or first home under section 86 ; and a residence that is to be constructed is a person’s home or first home if, when constructed, it will be the person’s home or first home under section 86 . For subsection (1) , section 86 (2) (b) does not apply. For subsection (1) (b) , section 86 applies as if the reference to a period of 1 year after the person’s transfer date for the residential land were a reference to a period of 2 years after the date the mortgage was first signed. s 272 prev s 272 sub 2006 No. 44 s 45 ; 2011 No. 20 s 142 om 2012 No. 8 s 26 pres s 272 (prev s 272A) ins 2011 No. 20 s 142 amd 2012 No. 8 s 27 (1) – (4) renum 2012 No. 8 s 27 (5) (sec.272-ssec.1) For this division— a residence that is constructed is a person’s home or first home if it is the person’s home or first home under section 86 ; and a residence that is to be constructed is a person’s home or first home if, when constructed, it will be the person’s home or first home under section 86 . (sec.272-ssec.2) For subsection (1) , section 86 (2) (b) does not apply. (sec.272-ssec.3) For subsection (1) (b) , section 86 applies as if the reference to a period of 1 year after the person’s transfer date for the residential land were a reference to a period of 2 years after the date the mortgage was first signed. - (a) a residence that is constructed is a person’s home or first home if it is the person’s home or first home under section 86 ; and - (b) a residence that is to be constructed is a person’s home or first home if, when constructed, it will be the person’s home or first home under section 86 .