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Incomplete purchase
An incomplete purchase is a tenure describing Crown land that is in the process of being purchased. These tenures were previously known as:
- auction purchases
- after auction purchases
- conditional purchases
- improvement purchases
- residential lease purchases
- returned soldiers special holding purchases
- settlement purchases
- soldiers group purchases
- special purchases
- suburban holding purchases
- tender purchases
- after tender purchases
- town Lands lease purchases
- weekend lease purchases
- irrigation farm purchases
- non-irrigable purchases or
- town land purchases.
From 1 July 2004, the purchase price of any land purchased is payable in full on settlement.
An Application for an Incomplete Purchase which was lodged prior to 1 July 2004 may be paid by annual instalments (including interest) over a period of up to 32 years, subject to a minimum annual instalment of $350.00 plus CPI calculated on the instalment. The interest rate is currently 8% (reducible) per annum.
Extra payments or pay out the incomplete purchase at any time during the term of the purchase may be made. There are no penalties for paying out the incomplete purchase early, and many holders choose to pay them out as soon as they are advised that their applications have been successful.
Payment of purchase price
While the land remains as an incomplete purchase there are certain notations on the Certificate of Title that record the Crown's interest in the land. These notations relate to the requirement for payment of balance of purchase and other monies, forfeiture provisions, and restrictions on subdivision.
When all monies owing to the Crown have been paid, Lands will provide the holder with a document to be lodged at our Queens Square office in Sydney, for removal of the notations from the title.
Transfer of an Incomplete Purchase
Where an incomplete purchase is transferred with monies still owing, the Crown Lands (Continued Tenures) Act 1989 requires outstanding monies to be paid in full within 3 months of the registration of the transfer. The only exception to this is in the case of an inter-family transfer and then only on request by the affected parties. If approval is given using this exception, the new owner can continue with the existing payment structure.
