Options
222 Options
The operator of a retirement village who holds an option to buy residential premises from a resident of the village must—
decide whether to exercise the option; and
give the resident written notice of the decision, not later than 28 days after—
the resident permanently vacates the premises; or
if the resident has not lived in the premises—the resident gives the operator written notice that the premises are for sale.
If the operator does not give the notice required by subsection (1) within the time required, the option lapses.
This section has effect despite any term of the option.
This Act’s bill:Explanatory statementSecond reading speech
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