Retirement Villages Act 1992

An operator must pay an exit entitlement in relation to a resident —

on or before the earliest of the following —

the date provided for in the residence contract between the operator and resident;

the date that is 7 days after the day on which another person, with the consent of the operator, enters into occupation of the residential premises occupied by the resident following the resident having permanently vacated those residential premises;

the date agreed between the operator and resident (or the person to whom the exit entitlement is payable);

the date that is 12 months after the day on which the resident has permanently vacated the residential premises occupied by the resident;

for a residence contract terminated by the Tribunal — the date that is 10 days after the date fixed by the Tribunal as the date by which the resident must vacate the residential premises;

if the resident grants the operator an extension under subsection (2) —

the day after the end of the extended period; or

if the resident revokes the extension more than 3 months before the end of the extended period — the day after the date that is 3 months after the date of revocation.

A resident may, by notice in writing to the operator —

extend the period within which the operator would otherwise be required to pay an exit entitlement; and

revoke the extension more than 3 months before the end of the extended period.

The operator must, at the same time as paying the exit entitlement, give the resident (or the person to whom the exit entitlement is payable) a statement —

setting out how the operator calculated the exit entitlement; and

containing any other prescribed information.

If an operator calculates, or is required by a residence contract to calculate, an exit entitlement by reference to the ingoing contribution paid, or to be paid, by or on behalf of the next resident to occupy the relevant residential premises, the exit entitlement is to be as agreed or decided under section 37.

An exit entitlement not paid as required by this section may be recovered as a debt from the operator, for the time being, of the retirement village.

Subsection (1) does not apply for any period during which the operator has a relevant extension, or an exemption, under Division 4.