New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 167

167 Options

(1) An operator of a retirement village who holds an option to purchase any residential premises from a resident of the village must decide whether or not to exercise the option, and must give the resident written notification of that decision, no later than 28 days after the resident permanently vacates the premises (or, if the resident has not lived in the premises, 28 days after the resident notifies the operator in writing that the premises are for sale).

(2) If the operator does not give the notification required by subsection (1) within the time allowed by that subsection, the option lapses.

(3) This section has effect despite any term of the option.