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LAND ACT 1994 - SECT 140
Provisional value may be negotiated
140 Provisional value may be negotiated
(1) If a provisional value has been stated in an offer or sale notice, the
value may be negotiated (the
"negotiated value" ) between the buyer and previous lessee.
(2) With the
written agreement of the buyer and previous lessee, the negotiated value
becomes the amount to be paid for the improvements.
(3) Any difference
between the provisional value and the negotiated value must be paid or
refunded within the time stated in the written agreement.
(4) If the buyer
and previous lessee can not agree on a negotiated value, either party may make
application to the court to decide the value.
(5) To decide the value of the
improvements, the court must decide each of the following amounts— (a) the
amount that fairly represents the value of the improvements to a prudent
buyer, having regard to the buyer’s proposed use of the land;
(b) the
amount that fairly represents the cost of constructing the improvements,
adjusted to allow for depreciation of the improvements since construction.
(6) The value mentioned in subsection (5) (a) is the value on the day the
offer was made or the sale notice was published.
(7) The cost mentioned in
subsection (5) (b) is the cost on the day the court decides the value of the
improvements.
(8) If the amount decided under subsection (5) (a) is equal to
or less than the amount decided under subsection (5) (b) , the value of the
improvements is the amount decided under subsection (5) (a) .
(9) If the
amount decided under subsection (5) (a) is more than the amount decided under
subsection (5) (b) , the value of the improvements is the amount decided under
subsection (5) (b) .
(10) The value of the improvements decided by the court
under subsections (5) to (9) becomes the negotiated value.
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