New South Wales Consolidated Acts

RESIDENTIAL (LAND LEASE) COMMUNITIES ACT 2013 - SECT 34C

34C Voluntary sharing arrangements in site agreements

(1) A site agreement may include a voluntary sharing arrangement.

(2) A site agreement that includes a voluntary sharing arrangement (a
"VSA Site agreement" ) must not include--

(a) a term that requires the home owner to pay an entry fee or exit fee, or both, to the operator of the community, or

(b) a term that requires the home owner to pay a capital share amount or on-site premium to the operator of the community if the home--

(i) is sold to be removed from the residential site, or

(ii) is purchased by--

(A) the operator of the community, or

(B) a close associate of the operator.

(3) Subsection (2)(a) does not apply to a site agreement entered into before the commencement of this section.

(4) In this section--

"entry fee" means a fixed fee relating to the entry into or establishment of the site agreement that is payable by the home owner--

(a) on or before entry into the site agreement, or

(b) as otherwise specified in the agreement.

"exit fee" means a fixed fee payable by the home owner if the home owner sells the home or the home is removed from the residential site, but does not include--

(a) a capital share amount, or

(b) an on-site premium.