A contract of sale under which a purchaser obtains fee simple of a retirement village unit is not a 'Residence Contract' under the Retirement Villages Act 1989 (NSW) s 3(1), because upon completion the right to occupy derives from proprietorship, not from the contract. The amended s 66ZG(1) of the Conveyancing Act 1919 (NSW) applies retrospectively to options granted before the 1997 amendments, as demonstrated by the saving provision in s 66ZG(1A). A buyback arrangement in a retirement village contract that is not a total restraint on alienation, and where the purchaser received a substantial discount in consideration for the buyback provision, does not offend the rule against restraint on alienation.
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