Victorian Current Acts Victorian Current Acts(1) This Division applies to a transfer of dutiable property referred to in section 10(1)(a) or (d) if—
(a) the owner of the property ( the vendor ) grants an option to, or is granted an option by, another person ( the first purchaser ); and
S. 32P(1)(b) substituted by No. 84/2008 s. 6(1), amended by No. 28/2017 s. 32(1)(a).
(b) any of the following persons (a subsequent purchaser ) obtains or assumes a transfer right in relation to the property—
(i) a person other than the first purchaser; or
(ii) the first purchaser and a person other than the first purchaser; or
S. 32P(1)(b)(iii) amended by No. 28/2017 s. 32(1)(b).
(iii) if there is more than one first purchaser, one or more of the first purchasers in different proportions from those specified in the option; and
(c) after the option is granted, but before the property or any part of it is transferred, land development occurs in relation to the property or part; and
(d) the vendor transfers the property or any part of it to a subsequent purchaser.
S. 32P(2) amended by No. 28/2017 s. 32(2).
(2) It is immaterial whether a subsequent purchaser obtains or assumes a transfer right—
(a) by way of an assignment, nomination, novation, option, contract of sale or otherwise; and
(b) from the first purchaser or from another subsequent purchaser.
S. 32P(3) amended by No. 28/2017 s. 32(2).
(3) Each assignment, nomination, novation, option, contract of sale or other arrangement by which a subsequent purchaser obtains or assumes a transfer right is called a subsequent transaction .
S. 32P(4) inserted by No. 28/2017 s. 32(3).
(4) In this section—
"transfer right" means—
(a) a right to enter into a contract of sale of a property or any part of a property; or
(b) a right to a transfer of a property or any part of a property; or
(c) an obligation to enter into a contract of sale of a property or any part of a property; or
(d) an obligation to accept a transfer of a property or any part of a property.
S. 32Q inserted by No. 36/2005 s. 10.