Section 118 — Land Transfer Act 1952: Covenant for right of purchase

118 Covenant for right of purchase A right for or covenant by the lessee to purchase the land may be stipulated in a memorandum of lease;

and in case the lessee pays the purchase money, and otherwise observes his covenants expressed and implied in the instrument, the lessor shall be bound to execute a memorandum of transfer, and to perform all other necessary acts for the purpose of transferring to the lessee the said lands and the fee simple thereof. Compare: 1915 No 35 s 94