According to subsection 5MB(2) of the VEA an agreement is a sale leaseback agreement, in relation to a person, if:
- under the agreement the person agrees to sell his or her principal home; and
- the residence that is the person's principal home is a private residence; and
- under the agreement the person retains a right to accommodation in the residence; and
- under the agreement the buyer is to pay an amount when the person vacates the residence or when the person dies.