Chief executive’s power to sell houses to eligible persons
113 Chief executive’s power to sell houses to eligible persons
The chief executive may sell to a person a house and land which has been or is being acquired by the chief executive or a house erected, or in the course of erection, or to be erected in pursuance of this Act.
Where the fee simple of the land whereon the house is erected, or in the course of erection, or to be erected is vested in the chief executive, the chief executive shall sell the land for that estate together with the dwelling house.
Where—
the chief executive acquires a house and land pursuant to this Act and is or becomes the registered proprietor of that land;
the fee simple of the land whereon a house is erected or in the course of erection, or to be erected pursuant to this Act is vested in the chief executive;
the power conferred on the chief executive by subsections (1) and (1AA) includes the power to sell a share in the house and land and any reference to ‘house’, ‘dwelling house’ and ‘land’ in this section or other section applicable or which becomes applicable subsequent to the sale of a house, dwelling house, or land shall be read and construed to include a share of a house, dwelling house or land.
Sale of house only to person not already an ownerA house shall not be sold under this section to any person unless the chief executive is satisfied that—
the house is intended to be used by the person as the person’s home and for no other purpose; and
except in circumstances approved by the chief executive, neither the person, nor the spouse (if any) of that person, is the owner of any other house in Queensland or elsewhere.
Terms and conditions of saleA sale under this section must be on terms acceptable to the chief executive.
Purchasing priceSubject to subsections (3B) and (3D), the purchasing price shall be agreed upon between the chief executive and the purchaser.
In determining the purchasing price to which it will agree, the chief executive shall have regard to the improved value of the land appurtenant to the house, namely, the capital sum the land might be expected to realise if offered for sale for an estate in fee simple on such reasonable terms and conditions as a bona fide seller would require having regard to the added value given to the land by the house and other improvements (if any) at the time as at which the contract of sale is entered into, irrespective of the cost of the house and other improvements (if any).
In the case of a sale of a house in the course of erection, or a house to be erected, the chief executive may agree to sell at a price to be determined according to the provisions of subsections (3A) and (3B) upon the completion of erection, and may in such case further agree that the price to be so determined shall not exceed a specified sum.
InstalmentsThe purchaser must pay interest on the balance of the purchasing price at a rate determined by the chief executive.
The purchaser must make monthly payments to the chief executive of—
the balance of the purchasing price payable; and
interest payable under subsection (3E).
The amount of a monthly payment under subsection (3EA)(a) and (b) is the amount decided by the chief executive.
The provisions of the Commonwealth and State Housing Agreement and State Housing Act and Another Act Amendment Act 1978, section 10(a) shall not apply to any contract of sale entered into pursuant to this section application for which was received by the commission before the commencement of that Act nor to advances made by the commission pursuant to subsection (7) where the relevant contract was entered into before such commencement.
The costs and expenses (if any) of any transfer, mortgage or release executed under this section shall be borne by the purchaser.
This Act’s bill:Explanatory memorandum
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