BUYERS AND SELLERS POSITION.

Taranaki Herald, Volume LIV, Issue 13480, 20 July 1907, Page 5

BUYERS AND SELLERS POSITION.

When , any agreemnt has been made for the sal© of land the buyer shall be deemed to be the owner of the land, (though not to the exclusion of the liability of any other person) so soon as he has obtained possession of the land so- purchased, whether the agreement has been completed by conveyance or not.

No sale shall be effective so as to exempt the seller from liability in respect of the graduated land tax until all of the following conditions have been fulfilled— (a) The sale must have been completed by a duly registered transfer or conveyance. (b) Possession of the land must have been delivered to the purchaser. (c) At least one-fourth of the pur-chase-money of the said land must have been paid by the purchaser to the seller.

In estimating the amount of purchase money which has been paid, all money owing by the purchaser to the seller and secured by any mortgage or other charge on the land, and all money owing by the purchaser to any other person and directly or indirectly guaranteed by the seller, shall be deemed to be unpaid purchase money.

When by virtue of this and the last preceding section the buyer and seller of land are both liable for graduated land tax in respect thereof, there shall be deducted from the tax so payable by the seller in respect of the said land, tho amount of the said tax payable in respect thereof by the buyer.

No convenience, transfer, declaration of trust, settlement, or other disposition of land shall be effective so as to exempt the person making the same as long as he remains or is in possession or in receipt of the rents or profits of any such land, whether on his own ac-

count or on account of any other person, from any graduated land tax; and for no purposes of this Act the person making the same shall, while he remains or is so in possession of the land or in receipt of the rents or profits, be deemed (though not to the exclusion of the liability of any other person) the owner of the land.