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.
Whilst these types of tenures are no longer granted an Application for an Incomplete Purchase lodged prior to 1 July 2004 allowed for the purchase price to be paid off by way of annual instalments (including interest) over a period of up to 32 years, subject to a minimum annual instalment.
Extra payments may also be made at any time during the term of the purchase and there are no penalties for paying out the incomplete purchase early, should a holder elect to do so.
From 1 July 2004, the purchase price of any land purchased became payable in full on settlement.
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 the balance of purchase and other monies, forfeiture provisions, and restrictions on subdivision.
When all monies owing to the Crown have been paid, the Crown land 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.