8Meaning of residence right

8 Meaning of residence right residence right, in relation to residential premises in a retirement village, means— (a) a person’s right to occupy the residential premises under a contract— (i) under which the person bought the residential premises; or (ii) under which the person bought shares entitling the person to occupy the residential premises; or (iii) in the form of a lease, licence, arrangement or agreement of any kind (other than a residential tenancy agreement)— (A) entered into under division 10.5 (Sale or letting of premises by certain residents); or (B) that contains a term to the effect that this Act does not apply to the residential premises; or (iv) under which the person lends money to the operator of the village in consideration for, or in expectation of, the right to occupy the residential premises; or (v) prescribed by regulation; or (b) any other right prescribed by regulation. Note The contract that gives rise to a residence right is a residence contract, and a residence contract is a village contract (see dict). (2) For the definition of residence right, it does not matter if the person who acquired the right (the acquirer)— (a) is a corporation, if the residential premises is intended for use by an individual; or (b) acquires it for the purposes of allowing another person to live in the residential premises instead of the acquirer.

(3) If subsection (2) applies, a retired person who lives in the residential premises with the acquirer’s consent is taken to have the residence right.