Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Subject to
subsection (2), a relevant interest in land is —
(a) an
estate in fee simple in the land;
(b) a
life estate, approved by the Commissioner, in the land;
(c) a
lease in perpetuity of the land granted by the Commonwealth or the State;
(d) a
leasehold interest in the land granted by the Commonwealth or the State that
may be converted under the terms of the lease or by statute into an estate in
fee simple;
(e) an
interest as purchaser under a contract for the purchase from the Commonwealth
or the State of an estate in fee simple in the land by instalments;
(f) a
licence or right of occupancy granted by the Commonwealth, the State or a
local government that gives, in the Commissioner’s opinion, the licensee
or the holder of the right reasonable security of tenure;
(g) an
interest in a company’s shares if the Commissioner is satisfied
that —
(i)
the interest entitles the holder of the interest to
exclusive occupation of a specified home owned by the company; and
(ii)
the value of the shares is not less than the value of the
company’s interest in the home;
or
(h) an
interest prescribed by the regulations to be a relevant interest.
(2) Subject to
subsection (3) —
(a) an
interest is not a relevant interest at a particular time unless the holder of
the interest has, or will have within 12 months after that time (or a
longer time approved by the Commissioner), a right to immediate occupation of
the land;
(b) an
interest held by a person is not a relevant interest if the person holds it
subject to a trust; and
(c) an
equitable interest is not a relevant interest unless it is the interest of a
person under a legal disability for whom a guardian holds the interest on
trust.
(3) Without limiting
paragraph (h) of subsection (1), regulations referred to in that
paragraph may prescribe an interest (a non-conforming interest ) to be a
relevant interest —
(a) even
though the interest does not conform with subsection (2); and
(b) even
though the interest may not be recognised at law or in equity as an interest
in land.
(4) If a first home
owner grant is authorised to be paid in consequence of a non-conforming
interest being prescribed as a relevant interest, the Commissioner may impose
appropriate conditions on the payment of the grant to ensure its recovery if
any criteria prescribed by the regulations about future conduct or events are
not satisfied.
[Section 6 amended by No. 26 of 2005
s. 4.]