Emil Ford Lawyers

Payments on Termination of a Village Contract



Form of Ownership 

 

 Time for repayment of ingoing contribution.  Defined in Sec 6.  Payment of departure fee.  Defined in Sec 156.  Time recurrent charges cease. 

Optional Services 

 General Services 

 Strata or
 company title -
 Registered 
 Interest Holder
 under 
 Sec 7 (1)(a).

  No ingoing
 contribution. 
 Sec 6.		  No ingoing
 contribution, so
 no departure
 fee.  Sec 157(2).		  Cease when
  resident moves
  out or dies.
  Sec 151(1A)		  Cease when the
 resident
 permanently
 vacates after a
 new
 arrangement is
 entered into,
 unless an earlier
 date is agreed.
 After 42 days the
 recurrent
 charges are
 shared in the
 same proportion
 as capital gain.  
 Sec 153.

  
 Registered
 lease for at least
 50 years or for
 the life of the
 lessee and
 resident entitled
 to at least 50%
 of capital gain-
 Registered 
 Interest Holder
 under Sec
 7(1)(c).

 

  14 days after a
 new
 arrangement 
 is entered into
 unless an earlier
 date is agreed.
 Sec 180.		  Payable out of 
 the proceeds of
 sale. 
 Sec 157(3).

 

  Cease when
 resident moves
 out or dies. 
 Sec 151 (1A).		  Cease when the
 resident
 permanently
 vacates after a
 new
 arrangement is
 entered into,
 unless an earlier
 date is agreed.
 After 42 days the
 recurrent
 charges are
 shared in the
 same proportion
 as capital gain.
 Sec 153.

 Not a Registered
 Interest Holder:
 Ingoing 
 contribution.

  

 14 days after a 
 new 
 arrangement is
 entered into 
 unless an earlier
 date is agreed -
 but no later than
 6 months after
 vacant
 possession is
 given. Sec 181.

 

  Payable out of
 the ingoing
 contribution. 
 Sec 157(2).		  Cease when
 resident moves
 out or dies.		  Cease when the
 resident
 permanently
 vacates after a
 new 
 arrangement 
 is entered into
 unless an earlier
 date is agreed -
 but no later than 
 42 days after
 the resident
 permanantly
 vacates. 
 Sec 153.
 Not a Registered 
 Interest Holder:
 No ingoing
 contribution.		  Not applicable.  No ingoing
 contribution, so
 no departure
 fee. 
 Sec 157(2).		  Cease when
 resident moves
 out or dies.		  Cease when the
 resident
 permanently
 vacates after a
 new
 arrangement is
 entered into
 unless an ealier
 date is agreed -
 but no later than 
 42 days after
 the resident
 permanently
 vacates. 
 Sec 153.

 

Suite 4 Level 5
580 George Street
Sydney NSW 2000
Phone: +61 2 9267 9800
Fax: +61 2 9283 2553