27Equity purchase agreements

27 Equity purchase agreements

27 Equity purchase agreements

(1) A residential tenancy agreement that is entered into by a tenant with a person or persons and that forms part of an equity purchase agreement is exempt from the operation of the Act.

(2) In this clause—

equity purchase agreement means a series of agreements that include a residential tenancy agreement and provide for—

(a) the initial purchase by the tenant, as a tenant in common, of not less than 20% of the owner’s interest in the residential premises, and

(b) the further purchase by the tenant, from time to time, of a greater percentage of the owner’s interest in the premises.