Australian Capital Territory Numbered Acts

RETIREMENT VILLAGES ACT 2012 (NO. 38 OF 2012) - SECT 39

    (1)     An amount paid by a prospective resident to the operator of a retirement village as a holding deposit or ingoing contribution must be held in trust until—

        (a)     the prospective resident enters into a residence contract with the operator (whether in relation to the residential premises concerned or to other residential premises in the same village or another village); or

        (b)     the operator receives written notice that the prospective resident—

              (i)     does not intend to enter into a residence contract; or

              (ii)     has died.

    (2)     If the prospective resident enters into a residence contract with the operator, an amount paid under this section as a holding deposit paid may, if both parties agree, form part of the deposit under the contract.

    (3)     If the operator receives written notice under subsection (1) (b), the operator must refund the amount to the person lawfully entitled to it not later than 14 days after the operator receives the notice.

    (4)     An amount paid to the operator as a deposit under a village contract is to be held in trust until final payment is made under the contract.

    (5)     Subsection (4) does not apply in relation to a contract for the sale of residential premises if the contract provides for the way in which the deposit is to be held.