Costs of sale
225 Costs of sale
A resident of a retirement village who sells residential premises in the village and the operator of the village are to share the costs of the sale in the same proportion (if any) as they are to share any capital gain on the sale in accordance with a village contract.
However, if the resident appointed a person other than the operator or a person chosen by the operator as a selling agent, the resident is liable to pay the selling agent’s commission.
The resident is not liable to pay commission to the operator or a person chosen by the operator if the premises are sold otherwise than as a result of the operator (or person) acting as the selling agent.
In this section:
costs of sale—
includes costs prescribed by regulation; but
does not include costs prescribed by regulation.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
- Retirement Villages Regulation 2013 · under s 264
This Act’s bill:Explanatory statementSecond reading speech
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