sec.466Terms of grazing homestead freeholding leases

### sec.466 Terms of grazing homestead freeholding leases The following provisions apply to grazing homestead freeholding leases— lease payments are instalments that pay out the purchase price of the land; instalments attract a rate of interest prescribed under the regulations; if the remaining purchase price is paid in cash at any stage during a lease, and the lease is used for grazing or agricultural purposes, a discount, prescribed under the regulations, applies; regulations may prescribe a minimum instalment for all but the final payment; the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship deferral; the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register; the Minister may require the preparation of a compiled plan before the deed of grant is issued; the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant. These terms apply to both existing grazing homestead freeholding leases and grazing homestead freeholding leases issued under this Act. To remove any doubt, it is declared that the purchase price for a grazing homestead freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation. The discount mentioned in subsection (1) (c) does not apply to the amount of the remaining purchase price that, in the records of the department about the payment of the purchase price, is attributable to the value of commercial timber. s 466 amd 1997 No. 78 s 66 ; 2013 No. 23 s 352 sch 1 pt 1 ; 2014 No. 29 s 93 (sec.466-ssec.1) The following provisions apply to grazing homestead freeholding leases— lease payments are instalments that pay out the purchase price of the land; instalments attract a rate of interest prescribed under the regulations; if the remaining purchase price is paid in cash at any stage during a lease, and the lease is used for grazing or agricultural purposes, a discount, prescribed under the regulations, applies; regulations may prescribe a minimum instalment for all but the final payment; the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship deferral; the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register; the Minister may require the preparation of a compiled plan before the deed of grant is issued; the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant. These terms apply to both existing grazing homestead freeholding leases and grazing homestead freeholding leases issued under this Act. (sec.466-ssec.2) To remove any doubt, it is declared that the purchase price for a grazing homestead freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation. (sec.466-ssec.3) The discount mentioned in subsection (1) (c) does not apply to the amount of the remaining purchase price that, in the records of the department about the payment of the purchase price, is attributable to the value of commercial timber. - (a) lease payments are instalments that pay out the purchase price of the land; - (b) instalments attract a rate of interest prescribed under the regulations; - (c) if the remaining purchase price is paid in cash at any stage during a lease, and the lease is used for grazing or agricultural purposes, a discount, prescribed under the regulations, applies; - (d) regulations may prescribe a minimum instalment for all but the final payment; - (e) the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship deferral; - (f) the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register; - (g) the Minister may require the preparation of a compiled plan before the deed of grant is issued; - (h) the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant.