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A remarketing policy explains how an operator will market an outgoing resident’s residence, including the process, responsibilities, costs, and timelines.
The remarketing policy must:
- explain the remarketing process
- outline the rights and responsibilities of the operator and resident
- match the residence contract and disclosure statement
- be provided at least 10 business days before the contract is signed.
The remarketing policy must include:
Meeting and inspection information
- arrangements to meet with the resident or their representative to inspect the residence
- steps to explain the remarketing process during the meeting.
How the residence will be prepared for remarketing
- steps to identify and plan any work needed to prepare the residence for remarketing
- who is responsible for the work and who pays for it.
Pricing and advertising
- how the remarketing price is set and reviewed
- how and how often the residence will be advertised
- who pays for valuation, advertising and other costs, and how those costs are calculated
- a requirement to market the outgoing resident’s residence at the same level as any new residences.
Resident responsibilities
- any requirements the outgoing resident must meet during marketing.
Reporting to the resident
- a monthly report to the outgoing resident with:
- number of enquiries
- number of viewings
- number of other residences being marketed
- number of residences sold or relicensed in the previous month.
Sale and settlement
- steps to follow if the residence is sold or relicensed
- settlement procedures
- fees and charges and how they were calculated
- when the settlement statement will be provided.
Other requirements
Some requirements may not apply if:
- no exit entitlement is payable
- the exit entitlement doesn’t depend on selling the residence
- the sale will happen as stated in the contract without going to market.
In these cases, the policy does not need to include any sections that do not apply.
Notes: Previous arrangements allowing residents to stay in the residence until the exit entitlement was paid, or to appoint their own agent after nine months, no longer apply.
