Land Act 1994

The following provisions apply to post-Wolfe freeholding leases—

lease payments are instalments that pay out the purchase price of the land;

instalments attract a rate of interest prescribed under the regulations;

if the remaining purchase price is paid in cash during a lease, no discount applies;

regulations may prescribe minimum instalments for all but the final payment;

the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship deferral;

the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register;

the Minister may require the preparation of a compiled plan before the deed of grant is issued;

the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant.

To remove any doubt, it is declared that the purchase price for a post-Wolfe freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation.