(1) A former occupant and an operator of a retirement village who cannot agree on an estimate of the value of the former occupant's residential premises for the purposes of Division 2 must have the value determined by an independent valuer under this section.
(2) The independent valuer--(a) must have appropriate experience or expertise, and(b) must not have a pecuniary or other interest that could be reasonably regarded as capable of affecting the independent valuer's ability to determine the value of the residential premises in good faith.
(3) The independent valuer is to be appointed by--(a) agreement between the former occupant and the operator, or(b) if the former occupant and the operator cannot agree--the President of the New South Wales Division of the Australian Property Institute.
(4) The determination by the independent valuer of the estimated value of the former occupant's residential premises must--(a) be in writing, and(b) contain detailed reasons for the determination, and(c) specify the matters to which the independent valuer had regard for the purposes of making the determination, and(d) include, or be accompanied by, any other information prescribed by the regulations.
(5) The independent valuer must give the former occupant and the operator a copy of the determination.
(6) The former occupant and the operator are to pay the costs of the independent valuer's determination in equal shares.