Retirement Villages Act 1986

In this Act, exit entitlement means—

for a resident who has paid a repayable entry payment, the amount payable to the resident delivering up vacant possession of the premises occupied by the resident in the village, being the repayable entry payment adjusted in accordance with subsection (2); or

for an owner resident who has entered into a contract for the sale of the resident's premises to the proprietor or the operator of the village, the sale price of the resident's premises adjusted in accordance with subsection (3).

For the purpose of subsection (1)(a), adjust the amount as follows—

add to the amount (if so required by a retirement village contract entered into by the resident)—

any other amount payable by the operator to the resident under the retirement village contracts; and

any amount that is prescribed for the purposes of this paragraph;

subtract from the amount (if so required by a retirement village contract entered into by the resident)—

any deferred management fee payable by the vacating resident under the retirement village contracts on vacating the premises; and

any outstanding management charge, fee for optional services or other fees, costs or charges payable by the resident under the retirement village contracts; and

any amount required to be paid by the resident under a retirement village contract in respect of renovation, repairs or restoration of premises; and

any other amount that is prescribed for the purposes of this paragraph.

For the purpose of subsection (1)(b), adjust the amount as follows—

add to the amount (if so required by a retirement village contract entered into by the resident)—

any other amount payable to the resident by the operator under the retirement village contracts; and

any amount that is prescribed for the purposes of this paragraph;

subtract from the amount (if so required by a retirement village contract entered into by the resident)—

any deferred management fee payable by the resident under the retirement village contracts on vacating the premises; and

any outstanding management charge, fee for optional services or other fees, costs or charges payable by the resident under the retirement village contracts; and

any amount required to be payable by the resident under a retirement village contract in respect of renovation, repairs or restoration of premises; and

any estate agent's commission and any costs payable by the resident to the operator or proprietor who acts on behalf of the resident; and

any other amount payable by the resident to the operator or proprietor in respect of the liabilities of the resident as to the sale; and

any other amount that is prescribed for the purposes of this paragraph.