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RETIREMENT VILLAGES ACT 1999 - SECT 32 Cooling-off period

RETIREMENT VILLAGES ACT 1999 - SECT 32

Cooling-off period

32 Cooling-off period

(1) A resident or prospective resident may, within the period (the
"cooling-off period" ) of 7 business days after entering into a village contract, serve a written notice on--
(a) the other party to the contract, and
(b) the operator of the retirement village concerned (if the operator is not the other party),
to the effect that the resident or prospective resident rescinds the contract.
(2) For this purpose, a contract is taken to have been entered into at midnight on the day on which a copy of the contract signed by the resident is given to the other party to the contract. The cooling-off period ends at midnight 7 business days after that day.
(3) A contract must not be completed until after the cooling-off period has expired.
(4) The cooling-off period under a residence contract is waived if the resident commences to live in the residential premises to which the contract relates.
(5) This provision has effect despite the provisions of any other Act or law.