Part 2Registration, occupation right agreements, and related requirements and rules
Occupation right agreements
29Deposits and other payments must be independently held
Every deposit, progress payment, and other payment made by a resident as payment for an occupation right or future occupation right in a retirement village must be held for the benefit of the resident in an interest-bearing account until settlement of the transaction or cancellation of the occupation right agreement under section 28 by either—
- the statutory supervisor of the retirement village (if there is one); or
- if there is no statutory supervisor, by a lawyer nominated by both the resident and the operator in a document that is separate from the occupation right agreement.
If an occupation right agreement is cancelled under section 28 the resident is entitled, on request, to a refund, with interest and without deduction other than tax, of the deposit and all progress payments within 10 working days after the request.
If, at the expiry of the period allowed under section 28 for the cancellation of an occupation right agreement, notice of cancellation has not been given, any interest accrued on a deposit, progress payment, or other payment to which subsection (1) applies must be paid to the operator.