Queensland Consolidated Acts

LAND ACT 1994 - SECT 115

115 Conditions of sale

(1) The following conditions apply to a sale by public auction—

(a) the highest bid at auction that is at least the reserve price or the reserve cash premium is the sale price;

(b) the deposit and other fees or payments, for survey or improvements, must be paid within the time stated in the sale notice;

(c) the buyer must be eligible to hold the interest under this Act and meet all other restrictions stated in the sale notice;

(d) the appropriate forms must be completed and lodged within the time stated in the sale notice.

(2) If the interest sold is a lease or permit—

(a) the amount bid at auction does not include the rent stated in the sale notice; and

(b) the rent stated is payable in the usual way.

(3) If the interest sold is a lease of rural leasehold land and the Minister is satisfied the land suffers from, or is at risk of, land degradation, the sale notice—

(a) may include a requirement that the proposed lessee enter into a land management agreement for the lease; and

(b) if a requirement as mentioned in paragraph (a) is included—must state that the lease will be issued subject to the condition that the lessee must comply with the agreement.