Land Act 1994

A conditional deed becomes a deed of grant in trust under this Act for the same public purpose for which it was granted, with the local government as trustee, if within 5 years of the commencement—

the local government does not apply to exchange the conditional deed; or

an application by the local government has been refused and no other application has been made.

If the land contained in a conditional deed was subject to a lease, the lease becomes a trustee lease on the terms originally granted.

A deed of grant in trust mentioned in subsection (1) is subject to all the encumbrances to which the conditional deed was subject and in the same priorities.