9Terms and conditions of offers

9 Terms and conditions of offers

(1)  In this section assessed value, in relation to an affected property, means the value that the property (exclusive of any chattels) would have had if –

(a) any dwelling or other structure on the property were undamaged by earth movements; and

(b) the value of the property and other properties in the area were not affected by actual or potential earth movements –

as assessed by the Valuer-General.

(2)  An offer to purchase property in accordance with section 8 is to provide –

(a) that the purchase price is to be 75% of the assessed value of the property at the date of the offer; and

(b) that the property is to be transferred by the owner free of any mortgage or other charge and free of any lease or licence giving any person the right to occupy the whole or any part of the property (other than necessary easements for services to other properties) –

and may be made subject to such other terms and conditions, including conditions providing for the salvaging of materials, fixtures and fittings from the property, as the Minister considers appropriate.