A village operator must use this form to apply for more time to pay a former resident their exit entitlement or enter into a contract to buyback the resident’s former home. An extension of up to 12 months may be approved by the Commissioner for Consumer Protection (the Commissioner).
An operator must:
- submit the application at least 90 days before the payment deadline; and
- give written notice to the former resident (or their representative) within 7 days of the application being made.
The payment deadline is the date when an operator must:
- pay an exit entitlement to a resident, or the person entitled to it (section 29 of the Act); or
- enter a contract for, and complete, the purchase of residential premises (Part 3A of the Act).
For more information about applying for an exemption - exit entitlements and/or buybacks see Extensions and exemptions for retirement villages exit payments.