(1) In this Act, unless the contrary intention appears:
"granny flat interest" has the meaning given by subsection (2).
"granny flat resident" has the meaning given by subsection (3).
(2) A person has a granny flat interest in the person's principal home if:
(a) the residence that is the person's principal home is a private residence; and
(b) the person has acquired for valuable consideration or has retained:
(i) a right to accommodation for life in the residence; or
(ii) a life interest in the residence.
(3) A person is a granny flat resident if the person has a granny flat interest in the person's principal home.