Hi,
The long answer is read this ->
http://www.austlii.edu.au/au/legis/nsw/consol_act/fhoga2000250/s13.html#eligible_transaction
Specifically...
(5) An eligible transaction is "completed"when:
(a) in the case of a contract for the purchase of a home:
(i) the purchaser becomes entitled to possession of the home under the contract, and
(ii) except
in the case of a terms contract, if
the purchaser acquires an interest in land under the contract that is registrable under a law of the State the purchaser's interest is registered under that law, or
(b) in the case of a contract to have a home built—the building is ready for occupation as a place of residence, or
(c) in the case of the building of a home by an owner builder—the building is ready for occupation as a place of residence.
Basically, they must have a legal registered interest, ie a valid contract. Possession in generally deemed to have similar rights as any ordinary home owner, ie
- can rent place
- can improve place
- must notifiy mortgagee of changes to property
- must notify mortgagee of leases
- must notify mortgagee of long term vacancy (ie holidays)
(that's right - everyone must tell their bank if the home is empty for some time so they aware of the risk of vandals etc)
Regards
Michael