38Endorsement on folio of Register

38 Endorsement on folio of Register

(1)  Where any land is, or is to be, used as a retirement village, the Recorder is to endorse a note of that fact on the relevant folio of the Register.

(2)  The owner of any land used, or to be used, as a retirement village must apply to the Recorder, in a form approved by the Recorder and on payment of the prescribed fee, for endorsement of the relevant folio of the Register –

(a) if the retirement village was established before the commencement date, within 3 months after that commencement; or

(b) in any other case, before any person enters into occupation of any residential premises in the retirement village.

Penalty:  Fine not exceeding 350 penalty units.

(3)  Before an application is made under subsection (2) , the owner must notify any person who holds a mortgage, charge or encumbrance over the land.

(4)  If the application relates to a retirement village that had not been established before the commencement date, the application may be made only with the consent of each person who holds any such mortgage, charge or encumbrance.

(5)  The Recorder may –

(a) on application in an approved form by the owner of any land formerly used as a retirement village; and

(b) on payment of the prescribed fee –

cancel an endorsement made under this section if satisfied that no part of the land is still occupied under a residence contract.