The purpose of this agreement is to define the process of development of the field. To this end, all important details will be included in the agreement to ensure that there is no room for misunderstandings or misinterpretations. The Commissioner of State Revenue found that the land transfer tax under the Duties Act 2000 (Vic) was the sum of the sums to be paid by Lend Lease to VicUrban under the development contract. Lend Lease objected to taxation and argued that the consideration for the transfer should be only the amount stated in the contract for the purchase of the land. The argument put forward by Lend Lease was that the amounts that could be said to be paid as Lend Lease`s contribution to the costs of the development work carried out or carried out by VicUrban and the amounts that were to be paid as a percentage of the sums that Lend Lease would realize on the sale of the land were not part of the consideration for the transfer3. It is very normal for the landowner to transfer rights/title to the property to his family member as part of family regulations. These transfers are made by GPA. In other scenarios, the landowner asks the buyer to transfer the money to a family member. The reason for these scenarios is “the heir.” The country is hereditary and, in most cases, I have observed that the joint development agreement is signed by 15 to 20 people, including children under the age of 10. In such cases, either one of the landowners holds surrogacy from all stakeholders, or there is a family comparison agreement between landowners to allow a person to transfer the property through surrogacy. In many cases, I have observed that landowners own benami. Therefore, the buyer should be especially careful.
In general, preference should be given to a solution that promotes a lasting relationship between the parties. It should be taken into account that banks and housing finance companies normally refuse to finance houses purchased by individuals in buildings developed under development rights and on land held by property owners until the owners are fully paid. Similarly, it will be difficult for developers to obtain bank financing for their projects to be executed on land covered by such development agreements.. . . .