Div 5Rent-to-buy arrangements

Division 5—Rent-to-buy arrangements

S. 29WA inserted by No. 14/2019 s. 22.

29WA Application of Division

This Division does not apply to—

(a) a rent-to-buy arrangement that involves a contract entered into by—

S. 29WA(a)(i) amended by Nos 40/2022 s. 58, 6/2024 s. 106.

(i) the Chief Executive Officer, Homes Victoria (within the meaning of section 4(1) of the Housing Act 1983); or

(ii) a registered housing association within the meaning of the Housing Act 1983; or

(iii) a prescribed person or class of person; or

(b) a rent-to-buy arrangement that complies with the requirements prescribed under section 17(2).

S. 29WB inserted by No. 14/2019 s. 22.

29WB Definitions

purchaser includes a person to whom a right is conferred, or on whom an obligation is imposed, to purchase residential land under a rent-to-buy arrangement;

vendor includes a person on whom an obligation is imposed to sell, or who offers to sell, residential land under a rent-to-buy arrangement.

S. 29WC inserted by No. 14/2019 s. 22.

29WC Prohibition on rent-to-buy arrangements

A person must not knowingly sell any residential land under a rent-to-buy arrangement.

S. 29WD inserted by No. 14/2019 s. 22.

29WD Offence to arrange, broker or induce rent‑to-buy arrangement

(1) A person must not knowingly arrange or broker the sale of any residential land under a rent-to-buy arrangement.

(2) A person must not knowingly induce another person to enter into the sale of any residential land under a rent-to-buy arrangement.

S. 29WE inserted by No. 14/2019 s. 22.

29WE Offence to advertise rent-to-buy arrangements

A person must not knowingly advertise the sale of any residential land under a rent‑to-buy arrangement.

Penalty: For a natural person, 120 penalty units;

For a body corporate, 500 penalty units.

S. 29WF inserted by No. 14/2019 s. 22.

29WF Avoidance of certain rent-to-buy arrangements

(1) A purchaser of residential land under a rent‑to-buy arrangement may avoid a contract that is part of the arrangement by giving notice to the vendor.

(2) A notice under subsection (1)—