13Eligible transaction

13 Eligible transaction

S. 13(1) amended by No. 83/2009 s. 3(1).

(1) Subject to subsection (1A), an eligible transaction is—

S. 13(1)(a) amended by No. 41/2013 s. 39(1).

(a) a contract made on or after 1 July 2000 and before 1 July 2013 for the purchase of a home in the State;

S. 13(1)(ab) inserted by No. 41/2013 s. 39(2).

(ab) a contract made on or after 1 July 2013 for the purchase of a new home in the State;

(b) a comprehensive home building contract made on or after 1 July 2000 by the owner of land in the State, or a person who will on completion of the contract be the owner of land in the State, to have a home built on the land;

(c) the building of a home in the State by an owner builder if the building work commences on or after 1 July 2000.

S. 13(1A) inserted by No. 83/2009 s. 3(2).

(1A) The consideration for an eligible transaction with a commencement date that is on or after 1 January 2010 must not exceed $750 000.

(2) A contract is a contract for the purchase of a home if the contract is a contract for the acquisition of a relevant interest in land on which a home is built.

(3) However, a contract made on or after 1 July 2000 is not an eligible transaction if—

(a) in the case of a contract to purchase a home—the purchaser had an option to purchase the home granted before that date or the vendor had an option to require the purchaser to purchase the home granted before that date; or

(b) in the case of a comprehensive building contract—either party had a right or option granted before that date to require the other to enter into the contract—

unless the Commissioner is satisfied that the option or right does not form part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant.

(4) The commencement date of an eligible transaction is—

(a) in the case of a contract—the date on which the contract is made;

(b) in the case of the building of a home by an owner builder—

(i) the date when laying the foundations for the home commences; or

(ii) another date the Commissioner considers appropriate in the circumstances of the case.

(5) An eligible transaction is completed when—

(a) in the case of a contract for the purchase of a home—

S. 13(5)(a)(i) substituted by No. 113/2003 s. 19(1).

(i) the purchaser (or a nominee of the purchaser) becomes entitled to possession of the home under the contract; and

(ii) if further requirements for the completion of the transaction are laid down in the regulations—the further requirements are complied with;