13Eligible transactions

#### 13 Eligible transactions 13 Eligible transactions > > (1) An eligible transaction is— > > > > > (a) a contract made on or after 1 October 2012 for the purchase of a new home in New South Wales, or > > > > > (b) a comprehensive home building contract made on or after 1 October 2012 by the owner of land in New South Wales, or by a person who will on completion of the contract be the owner of land in New South Wales, to have a new home built on the land, or > > > > > (c) the building of a new home in New South Wales by an owner builder if the building work commences on or after 1 October 2012. > > > (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 or is to be built under the contract by or on behalf of the vendor. > > > (3) However, a contract made on or after 1 July 2000 is not an eligible transaction if— > > > > > (a) in the case of a contract for the purchase of 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 home building contract—either party had a right or option granted before that date to require the other party to enter into the contract. > > > (3A) A contract made on or after 1 October 2012 is not an eligible transaction if the Chief Commissioner is satisfied that— > > > > > (a) the contract replaces a contract made before 1 October 2012, and > > > > > (b) the replaced contract was a contract for the purchase of the same home or a comprehensive home building contract to build the same or a substantially similar home. > > > > Note. > > > > See also Part 11 of Schedule 1. > > > (4) The commencement date of an eligible transaction is— > > > > > (a) in the case of a contract—the date when the contract is made, or > > > > > (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 Chief 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— > > > > > > > (i) the purchaser becomes entitled to possession of the home under the contract, and > > > > > > > (ii) except in the case of a terms contract, if the purchaser acquires an interest in land under the contract that is registrable under a law of the State—the purchaser’s interest is registered under that law, or > > > > > (b) in the case of a comprehensive home building contract—the building is ready for occupation as a place of residence, or > > > > > (c) in the case of the building of a home by an owner builder—the building is ready for occupation as a place of residence. > > > (6) If a person purchases a moveable building and intends to use it as a place of residence on land in which the person has a relevant interest but on which it is not situated at the time of purchase— > > > > > (a) this Act applies as if the person were an owner builder building a home on the land, and > > > > > (b) the commencement date of the transaction is taken to be the date of the contract to purchase the moveable building, and > > > > > (c) the transaction is taken to be completed when the moveable building is ready for occupation as a place of residence on land in which the purchaser has a relevant interest. > > > (7) The consideration for an eligible transaction is— > > > > > (a) in the case of a contract for the purchase of a home—the consideration for the purchase, or > > > > > (b) in the case of a comprehensive home building contract—the total consideration payable for the building work, or > > > > > (c) in the case of the building of a home by an owner builder—the actual costs to the owner of carrying out the work (excluding any allowance for the owner builder’s own labour). > > **s 13:** Am 2001 No 25, Sch 1 \[3\]; 2003 No 80, Sch 3 \[7\]; 2012 No 46, Sch 2 \[5\] \[6\]; 2022 No 16, Sch 4\[1\]–\[3\].