New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 150

150 References to “owner” and sale of “residential premises”

(1) In this Part, a reference to an "owner" of residential premises in a retirement village is taken to include a reference to a resident or former occupant of the premises:

(a) who is taken to have a residence right in respect of the premises in accordance with section 4 (2), or

(b) who does not own the premises but whose residence contract:

(i) is in the form of a registered long-term lease, and

(ii) includes a provision that entitles the resident or former occupant to at least 50% of any capital gains in respect of the premises.

(2) In this Part, a reference to the sale of "residential premises" occupied under a residence contract referred to in subsection (1) (b) is taken to include a reference to the sale of the residence right in respect of the premises.

(3) For the purpose of subsection (1) (b), "registered long-term lease" means a lease registered under the Real Property Act 1900 that:

(a) has a term of at least 50 years (inclusive of any option to renew), or

(b) is for the life of the lessee.