Victorian Consolidated Legislation

Retirement Villages Act 1986 - SECT 32A

PART 5A SALE OF PREMISES BY CERTAIN RESIDENTS

Options

32A. Options



(1) A person who holds an option to purchase from an owner resident of a
retirement village any premises of that owner resident, must decide whether or
not to exercise the option, and that person must give the owner resident
written notification of that decision not more than 28 days after the owner
resident notifies the person, in writing, that the premises are for sale.

(2) If a person who holds such an option does not give the notification
required by subsection (1) within the time required by the subsection, the
option lapses.

(3) This section has effect despite any term in the option.