Victorian Consolidated Legislation

Retirement Villages Act 1986 - SECT 24

Cooling-off period

24. Cooling-off period



(1) This section applies to a residence contract, except a residence contract
to which section 31 of the Sale of Land Act 1962 applies.

(2) A resident who signs a residence contract may at any time before the end
of the period of 3 business days after signing the contract give notice to the
owner of the retirement village land to which the residence contract relates
that the resident wishes to rescind the contract and, where the resident has
signed the notice and given it in accordance with this section, the contract
is rescinded.





(3) A notice under this section must be given to the owner or the owner's
agent or left at the address for service of the owner specified in the
residence contract or the address of the owner's agent within 3 clear business
days after the resident signs the contract.

(4) If a resident rescinds a contract under this section the resident is
entitled to the return of all moneys paid by the resident under the contract,
except for the sum of $100 or 0×2 per centum of the in-going contribution paid
by the resident (whichever is the greater), which may be retained by the
owner.

(5) A contract to which this section applies must contain a conspicuous notice
advising the resident that the resident may before the end of 3 clear business
days after the resident signs the contract give notice that the resident
wishes to terminate the contract.

(6) If a contract to which this section applies does not contain the notice
required by subsection (5) a resident may rescind the contract.

(7) In this section business day means a day which is not a holiday within the
meaning of section 44(3) of the Interpretation of Legislation Act 1984.