34BMeaning of “voluntary sharing arrangement”

34B Meaning of “voluntary sharing arrangement”

34B Meaning of “voluntary sharing arrangement”

A voluntary sharing arrangement means the terms of a site agreement under which the home owner agrees to pay the operator of the community either or both of the following—

(a) site fees the payment of which is deferred as specified in the site agreement,

(b) if the home owner sells the home—either of the following amounts —

(i) a specified share of any capital gain for the home realised by the home owner (a capital share amount),

(ii) a portion of the total sale price of the home determined in the way specified in the agreement (an on-site premium).

s 34B: Ins 2024 No 46, Sch 1[3].