Land Tax Management Act 1956 No 26
Current version for 23 October 2014 to date (accessed 25 November 2014 at 08:30)
Part 4Section 26

26   Purchaser and vendor

(1)  If land under the provisions of the Real Property Act 1900 is the subject of an agreement for sale that has not been completed by transfer of the land, the person who is registered as the proprietor of the land under the Real Property Act 1900 is taken, for the purposes of this Act, to be the owner of the land, to the exclusion of the liability of the purchaser.
(2)  If land, not being land under the provisions of the Real Property Act 1900, is the subject of an agreement for sale that has not been completed by conveyance of the land, the vendor of the land is taken, for the purposes of this Act, to be the owner of the land, to the exclusion of the liability of the purchaser.
(3)  However, the purchaser under the agreement for sale is taken, for the purposes of this Act, to be the owner of the land (to the exclusion of the liability of the registered proprietor or vendor) if under the terms of the agreement for sale:
(a)  the purchaser is entitled to receive, if the land is let to a tenant, any rents and profits derived from the tenancy, or
(b)  the purchaser is entitled to exclusive possession of the land and has taken possession of the land.
(4)  In this section:

agreement for sale means an agreement for sale of land that is in force.

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