sec.18What is a bona fide sale

### sec.18 What is a bona fide sale A bona fide sale , for land, is its sale on reasonable terms and conditions that a bona fide seller and buyer would require assuming the following (the bona fide sale tests )— a willing, but not anxious, buyer and seller; a reasonable period within which to negotiate the sale; that the property was reasonably exposed to the market. For subsection (1) , in considering whether terms and conditions are reasonable, regard must be had to— the land’s location and nature; and the state of the market for land of the same type. To remove any doubt, it is declared that if— there is a sale of the land in question; and the bona fide sale tests are complied with; and the terms and conditions of the sale are reasonable having regard to the matters mentioned in subsection (2) (a) and (b) ; the sale is a bona fide sale. In this section— land in question means land whose value is being decided. s 18 amd 2019 No. 17 s 63 (sec.18-ssec.1) A bona fide sale , for land, is its sale on reasonable terms and conditions that a bona fide seller and buyer would require assuming the following (the bona fide sale tests )— a willing, but not anxious, buyer and seller; a reasonable period within which to negotiate the sale; that the property was reasonably exposed to the market. (sec.18-ssec.2) For subsection (1) , in considering whether terms and conditions are reasonable, regard must be had to— the land’s location and nature; and the state of the market for land of the same type. (sec.18-ssec.3) To remove any doubt, it is declared that if— there is a sale of the land in question; and the bona fide sale tests are complied with; and the terms and conditions of the sale are reasonable having regard to the matters mentioned in subsection (2) (a) and (b) ; the sale is a bona fide sale. (sec.18-ssec.4) In this section— land in question means land whose value is being decided. - (a) a willing, but not anxious, buyer and seller; - (b) a reasonable period within which to negotiate the sale; - (c) that the property was reasonably exposed to the market. - (a) the land’s location and nature; and - (b) the state of the market for land of the same type. - (a) there is a sale of the land in question; and - (b) the bona fide sale tests are complied with; and - (c) the terms and conditions of the sale are reasonable having regard to the matters mentioned in subsection (2) (a) and (b) ;