Queensland Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 45

(1) A scheme operator must ensure each residence contract for the retirement village includes details about the following--

(a) the right to rescind the contract under section 48 before the cooling-off period ends;

(b) if the cooling-off period starts on the day the residence contract is signed--the date the cooling-off period ends;

(c) if the cooling-off period starts on the day a later event happens or another contract is entered into--the later event or other contract;

(d) the ingoing contribution payable under the contract;

(e) the exit fee payable under the contract;

(f) the resident's exit entitlement;

(g) the services charges;

(h) the amounts payable, and when the amounts are payable, by the resident for the maintenance reserve fund for the retirement village;

(i) the insurance for the retirement village, and insurance for which the resident is responsible;

(j) all conditions precedent to the resident's right to reside in the retirement village;

(k) the resident's right to resell the right to reside in the accommodation unit;

(l) the resident's entitlement to audited and unaudited financial statements for the village;

(m) the dispute resolution process established under this Act;

(n) the statutory charge, if relevant to the resident's title to, or interest in, the accommodation unit;

(o) the resident's and scheme operator's rights to terminate the contract;

(p) anything else prescribed under a regulation.

Maximum penalty--100 penalty units.

(2) A provision of a residence contract is of no effect to the extent that it is inconsistent with this Act or purports to restrict or exclude the operation of a provision of this Act.

(3) Also, a provision of a residence contract is of no effect to the extent that it purports to restrict or exclude the operation of a public information document, or a provision of a public information document, taken to form part of the contract under section 37.