RETIREMENT VILLAGES ACT 1999 - SECT 49 Reassignment of property acquired in cooling-off period

RETIREMENT VILLAGES ACT 1999 - SECT 49

49 Reassignment of property acquired in cooling-off period

(1) This section applies if the assignee under an assignment instrument mentioned in section 47 acquires the property the subject of the assignment within the cooling-off period.

(2) As soon as possible after the assignee becomes aware the residence contract has been rescinded, the assignee must reassign the property to—

(a) the person from whom the assignee acquired it (the
"assignor" ); or

(b) someone else, at the assignor’s written direction.

Penalty—

Maximum penalty—100 penalty units.

(3) The assignee must reassign the property free of all interests, mortgages and other charges to which it has become subject since the assignee acquired it.

Penalty—

Maximum penalty—100 penalty units.

(4) The assignee is responsible for the costs, expenses and duties relating to the reassignment under this section.