53Cooling-off period

53 Cooling-off period (1) A resident of a retirement village may, within the cooling-off period for the resident’s village contract, rescind the contract by written notice given to— (a) the other party to the contract; and (b) if the operator is not the other party to the contract—the (2) A contract must not be completed until after the cooling-off period has expired. (3) The cooling-off period under a residence contract is waived if the resident starts living in the residential premises to which the contract relates.

(4) This provision has effect despite any other territory law. cooling-off period, for a village contract, means the period— (a) starting immediately after midnight on— (i) the day the resident receives a copy of the contract signed by the operator; or (ii) for a contract that is, or includes, a residence contract in relation to which the operator is not the other party—the day the residence contract is entered into; and (b) ending at midnight on the 7th business day after that day. Note For when an operator must give a resident a copy of a signed village contract, see s 60 (1) and (2).