34CVoluntary sharing arrangements in site agreements

34C Voluntary sharing arrangements in site agreements

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.

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