Act 16 Land Act 1998 (2) The owner of land who wishes to sell the reversionary interest in the land shall, subject to the provisions of this section, give the first option of buying that interest to the tenant by occupancy. (3) Any offer made under this section shall be on a willing buyer willing seller basis. (4) Where an option to buy is offered to any party under subsection ( l) or (2), the party who makes the offer must set out the terms of the offer with sufficient detail and clarity for the party to whom the offer is made to understand the offer and make an appropriate response to it. (5) A party to whom an offer to buy is made under subsections (1) or (2) shall, within three months after the receipt of the offer either refuse the offer or make such a response as will enable meaningful negotiations to take place between the parties. ( 6) Either party to the negotiations to which subsection (5) refers may at any time after three months have elapsed since the negotiations commenced, refer the matter to the Mediator for him or her to assist the parties to reach an agreement. (7) Where the Mediator is unable, after three months of negotiations, to assist the parties to reach an agreement on the option to buy, he or she shall make a declaration to that effect, and the party who made the offer of the option· to buy shall thereupon be enabled to assign the tenancy by occupancy or, as the case may be, sell the reversionary interest free of the option to buy, to such other person as he or she thinks fit. 37. ( 1) A registered owner and a tenant by occupancy may mutually agree that the land in which a tenant by occupancy has an interest be subdivided in such portions as the parties may agree with each party having exclusive occupancy or ownership of such portions as may be agreed or that the parties become joint proprietors of the land either as joint tenants or as tenants in common, and where they agree to be tenants in common, the shares of each in the land on such terms and conditions as they may agre_e._ 43 Mutual agreement between tenant by occupancy and registered owner.