New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 168

168 Sale of premises

(1) A resident of a retirement village may--

(a) set the sale price of his or her residential premises in the village, and

(b) appoint a selling agent of the resident's choice (who may be the operator of the village if the operator is eligible to be appointed).

Note : In accordance with the Property and Stock Agents Act 2002 , the selling agent must be licensed as a real estate agent under that Act. Matters such as the form of the agency agreement (which must be in writing), the termination of the selling agent's appointment and the payment of commission are dealt with under that Act.

(2) If the operator is appointed under subsection (1), the resident may also (but is not obliged to) allow the operator to set the sale price of the premises.

(3) Any appointment of the operator of a retirement village, or a person chosen by the operator, as--

(a) a selling agent of residential premises in the village, or

(b) the person who sets the sale price of the premises,

being an appointment made as part of the consideration for the resident's entering the village, or otherwise at the operator's request, terminates on the commencement of this section.

(4) Any such appointment made on or after the commencement of this section is void.

(5) An operator, or a person chosen by the operator, who is appointed as a selling agent under subsection (1)--

(a) must notify the resident of all offers to purchase the premises, and

(b) must, if the resident so requests, provide the former occupant at the end of each named month with a report--

(i) detailing the marketing program (including details of all advertising of the premises or the village), and

(ii) listing all inquiries received about the sale, and

(iii) providing the names and telephone numbers (or other contact details) of the persons who made the inquiries (in so far as these are known to the operator), and

(iv) providing details (including the asking price) of all other residential premises for sale in the village,

during that month.

: Maximum penalty--50 penalty units.

(6) If a person other than the operator is appointed as selling agent, the resident must notify the operator in writing of--

(a) the name and contact details of the person appointed, and

(b) the asking price for the premises, and

(c) any changes to--

(i) the appointment or contact details of the agent, and

(ii) the asking price for the premises.