NHC-National Housing Corporation
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House Price($) :
% Down Pmt :
Loan Term : years
Int Rate% : %
Explain Calculations: Show me the calculations and amortization
 
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Transfer of Title to Tenants under the Tenantries Freehold Purchase Act

Tenants occupying Rural Tenantries are entitled to purchase the land at subsidised prices under the Tenantries Freehold purchase Act (239B).

The National Housing Corporation, in conjunction with the Ministry of Housing will:

1. Carry out surveys to determine qualified tenants under the Act.

2. Inform landowners (if necessary) of the proposal to transfer title to qualified tenants, at which point the landowner to indicate price offer and retain an agent or attorney acting on his behalf.

3. Inform tenants of their rights under the Act and invite them to file Form I Notices with the landlord.

4. Seek open market price of the lots offered from the Commissioner of Land Tax. If there is substantial variation from the price offered by the landlord, the matter shall be referred to the Small Holdings Committee for determination by an Independent Valuer.

5. Appoint Surveyor (with landlords permission) to survey lots in the tenantry.

6. Inform tenants of the size and purchase price of their respective lots and the policy in relation to the subsidisation of the lots by Government.

7. Inform tenants of the legal services available at the Corporation at a cost of $550, which covers administrative costs and recording of conveyance.

8. Invite Tenant to attend the Corporation with their portion of the purchase price in cheque form.

9. Send cheque to vendor's attorney and request Draft Conveyance together with a copy of the individual lot plan.

10. Execute stages of conveyancing: Final documents prepared, and both parties execute documents, witnessed by respective attorneys.

11. Exchange disbursed Government subsidy for all Title Documents relating to the particular Tenantry lot.

12. Record conveyance at the land registry and thereafter, provide the new landowner with the conveyance.