Queensland Consolidated Acts

LAND ACT 1994 - SECT 462

462 Terms of post-Wolfe freeholding leases

(1) The following provisions apply to post-Wolfe freeholding leases—

(a) lease payments are instalments that pay out the purchase price of the land;

(b) instalments attract a rate of interest prescribed under the regulations;

(c) if the remaining purchase price is paid in cash during a lease, no discount applies;

(d) regulations may prescribe minimum instalments for all but the final payment;

(e) the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship deferral;

(f) the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register;

(g) the Minister may require the preparation of a compiled plan before the deed of grant is issued;

(h) the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant.

Note—

These terms apply to both existing post-Wolfe freeholding leases and post-Wolfe freeholding leases issued under this Act.

(2) To remove any doubt, it is declared that the purchase price for a post-Wolfe freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation.