A lessor's option to require a lessee to purchase the leased premises does not touch and concern the land and does not pass automatically with the assignment of the reversion; it must be separately assigned. However, such an option is an existing chose in action capable of assignment without consideration, and is not a mere future interest or expectancy. The court was divided on whether s 53 of the Real Property Act 1861 (Qld) confers indefeasibility on a covenant to purchase that does not comply with the section's requirements as to stating the purchase price and period for performance.
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