7Ownership of land and homes

7 Ownership of land and homes

(1)  A person is an owner of a home if the person has a relevant interest in the land on which the home is built.

(2)  Subject to subsection (3) , each of the following is a relevant interest in land:

(a) an estate in fee simple in the land;

(b) a life estate in the land approved by the 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;

(f) a licence or right of occupancy granted by the Commonwealth or the State that gives, in the Commissioner’s opinion, the licensee or the holder of the right reasonable security of tenure;

(g) an interest in a company’s shares if the Commissioner is satisfied that –

(i) the interest entitles the holder of the interest to exclusive occupation of a specified home owned by the company; and

(ii) the value of the shares is not less than the value of the company’s interest in the home.

(3)  Subject to subsection (4)  –

(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 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; and

(c) an equitable interest is not a relevant interest unless it is the interest of a person under a legal disability for whom a guardian holds the interest on trust.

(4)  If the Commissioner is of the opinion that there is good reason to do so, the Commissioner may recognise an interest (a ) as a relevant interest in land even though –