New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 180

180 Payments to owners

(1) This section applies to a former occupant of residential premises in a retirement village who owns the premises.

(2) The operator of a retirement village must make any payment required to be made to the former occupant following the sale of the premises within 14 days after the earliest of the following:

(a) the date on which the operator receives full payment under a residence contract with an incoming resident of the premises,

(b) the date on which the operator enters into a village contract with an incoming resident of the premises,

(c) the date on which the operator enters into a residential tenancy agreement with an incoming tenant of the premises,

(d) the date on which a person takes up residence in the premises with the consent of the operator,

(e) if the operator buys the premises from the former occupant-the date on which the operator completes the purchase,

unless the contract between the operator and the former occupant provides for earlier payment.

Maximum penalty: 50 penalty units.

(3) At the same time as the payment is made, the operator must give the former occupant a statement setting out the following and showing how the amounts were calculated:

(a) the departure fee, if any, payable by the former occupant,

(b) accrued or outstanding recurrent charges, if any, payable by the former occupant,

(c) any amount payable by the former occupant in relation to the sale of the residential premises concerned,

(d) any other amount payable by the former occupant under a village contract,

(e) in the case of a former occupant referred to in section 150 (1) (b)-the sale price of the premises,

(f) in the case of a former occupant who is required to pay for the cost of the refurbishment of his or her residential premises (as referred to in section 165)-the cost of that refurbishment,

(g) the amount of the payment to the former occupant.

Maximum penalty: 10 penalty units.

(4) If:

(a) payment is not made to the former occupant within the time required by this section, or

(b) if the amount of the payment is not calculated in accordance with this Act and any relevant village contract,

the former occupant may apply to the Tribunal for (and the Tribunal may make) an order directing the operator to make the payment, or to recalculate the amount and pay any additional amount due to the former occupant as a result of the recalculation, as the case may be.

(5) An order under subsection (4) may, if the Tribunal considers it appropriate, also provide for the payment of interest at a rate determined by the Tribunal.