A buyback is when an operator enters into a contract to buy your village home. You must be the freehold title holder of the home.
To be eligible for a buyback your home must be:
- in a strata title or community title scheme, or
- owned by a company you have shares in (i.e. purple title).
An operator must buyback your village home if it has been 12 months since:
- you permanently moved out, and
- you own the freehold title of the home
An operator may have to complete a buyback earlier than 12 months if:
- a new resident moves into the unit
- the State Administrative Tribunal (SAT) terminates your residence contract.
The 12-month requirement does not apply if the operator has an approved extension or exemption from the Commissioner.
Operators can apply for more time
An operator can apply for:
- an extension of up to 12 months
- an exemption of up to five years.
The Commissioner for Consumer Protection must approve the extension or exemption for it to be valid.
See Extensions and exemptions for more information about the application process.
You may still be charged for any fees or other deductions as written in your contract.