RETIREMENT VILLAGES ACT 1999 - SECT 50 Scheme operator to compensate assignor if property assigned in cooling-off period is not reassigned

RETIREMENT VILLAGES ACT 1999 - SECT 50

50 Scheme operator to compensate assignor if property assigned in cooling-off period is not reassigned

(1) This section applies if section 49 requires an assignee to reassign property on rescission of a residence contract but the assignee—

(a) has disposed of the property; or

(b) is unable, when the contract is rescinded, to discharge any interests, mortgages and other charges to which the property has become subject since the assignee acquired it.

(2) The scheme operator for the retirement village to which the contract relates must pay compensation to—

(a) the assignor; or

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

(3) The amount of compensation payable—

(a) is, after discounting for any GST payable on any supply relating to the payment of the compensation, the amount equalling the value attributed to the assigned property under the residence contract; and

(b) may be recovered as a debt payable by the scheme operator to the assignor, or other person mentioned in subsection (2) (b) , in a court having jurisdiction for the recovery of the amount claimed.

(4) If there are 2 or more scheme operators for the retirement village, the scheme operators are jointly and severally liable to pay the compensation.