Real Property Act 1886

Every registered or recorded instrument is subject to any prior unregistered lease or any agreement for lease or for letting for a term not exceeding 1 year to a tenant in actual possession thereunder: Provided that no right or covenant to purchase the freehold contained in any such unregistered lease or agreement, nor any right or covenant for renewal of such lease or agreement, will be valid as against any subsequent purchaser of the reversion, lessee, mortgagee, or encumbrancee, unless such lease or agreement be registered or protected by caveat.