Victorian Consolidated Legislation

Retirement Villages Act 1986 - SECT 9

Owner to lodge retirement village notice

9. Owner to lodge retirement village notice



(1) If after the commencement of this section land is used or proposed to be
used as retirement village land the owner must before entering into a contract
which creates or gives rise to a residence right in the land or inviting other
persons to make applications, offers or proposals to enter into such a
contract lodge a notice with the Registrar of Titles.



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Penalty: 200 penalty units.

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(3) A notice under subsection (1)-





   (a)  must contain the prescribed information;





   (b)  must contain-

   (i)  a description of the land to which the notice relates; and

   (ii) a statement that this Act applies to that land;

   (c)  if it relates to land in an identified folio under the
        Transfer of Land Act 1958 or land not under the operation of the
        Transfer of Land Act 1958, must also contain the name and description
        of the owner of the land appearing from an instrument affecting the
        land last registered under the Property Law Act 1958.

(4) Before lodging a retirement village notice with the Registrar of Titles
the owner of retirement village land to which the notice relates must-

   (a)  obtain release from or discharge of, all encumbrances which would take
        priority to any residence right which the owner may subsequently
        create, except those encumbrances mentioned in section 42(2) of the
        Transfer of Land Act 1958; or

   (b)  enter into an agreement with the holders of all encumbrances which
        would otherwise take priority to any residence right which the owner
        might subsequently create to the effect that the residence right will
        have first priority.

Penalty: 50 penalty units.

(5) Subsection (4) does not apply to a retirement village in respect of which
an owner entered into a contract before the commencement of this section which
created or gave rise to a residence right.



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