5Ownership of land and homes

#### 5 Ownership of land and homes 5 Ownership of land and homes > > (1) A person is an owner of a home or a home owner if the person has a relevant interest in land on which a home is built. > > > (2) Each of the following is, subject to subsection (3), a relevant interest in land— > > > > > (a) an estate in fee simple in the land, > > > > > (b) a life estate in the land approved by the Chief Commissioner, > > > > > (c) a perpetual lease of the land granted by the Commonwealth or the State, > > > > > (d) a leasehold interest in the land granted by the Commonwealth or the State that may be converted under the terms of the lease or by statute into an estate in fee simple, > > > > > (e) an interest as purchaser under a contract for the purchase from the Commonwealth or the State of an estate in fee simple in the land by instalments, > > > > > (e1) an interest as purchaser of an estate in fee simple under a terms contract, > > > > > (f) a licence or right of occupancy granted by the Commonwealth or the State in relation to the land that gives, in the Chief Commissioner’s opinion, the licensee or the holder of the right reasonable security of tenure, > > > > > (g) an interest in a company’s shares or in units in a unit trust scheme, if the Chief Commissioner is satisfied that— > > > > > > > (i) the interest entitles the holder of the interest to exclusive occupation of a specified home situated on the land and owned by the company or trustees, and > > > > > > > (ii) the value of the shares is not less than the value of the company’s or trustees’ interest in the home. > > > (3) Subject to sections 6C and 6D— > > > > > (a) an interest is not a relevant interest at a particular time unless the holder of the interest has, or will have within 12 months after that time (or a longer time allowed by the Chief Commissioner), a right to immediate occupation of the land, and > > > > > (b) an interest is not a relevant interest in the hands of a person who holds it subject to a trust. > > > (4), (5) (Repealed) > > > (6) If a person holds an interest in land on trust as guardian for a person under a legal disability and that interest would be a relevant interest but for subsection (3) (b), then for the purposes of this Act— > > > > > (a) the person under the legal disability is taken to be the person who holds a relevant interest in the land, and > > > > > (b) the guardian is taken not to hold that interest. > > > (7) In this section— > > > > unit in a unit trust scheme means— > > > > > (a) a right or interest (whether described as a unit or a sub-unit or otherwise) of a beneficiary under the scheme, or > > > > > (b) a right to any such right or interest. > > > > unit trust scheme means any arrangements made for the purpose, or having the effect, of providing facilities for persons participating in the arrangements, as beneficiaries under a trust, for occupying any property pursuant to the trust. > > **s 5:** Am 2003 No 80, Sch 3 \[2\]; 2008 No 67, Sch 2 \[1\] \[2\].