sections 24 and 25 of the of Land Act 1962 apply. S. 25(2) (2) An estate agent or legal practitioner who acts for amended by an owner in a transaction relating to a residence No. 35/1996 contract must hold as a stakeholder moneys s. 453(Sch. 1 item 72.2(a)). comprising all or any part of the in-going contribution received in connexion with the transaction until all the following events have happened— (a) all conditions precedent to the creation of a resident's right in favour of a person by whom or on whose behalf the in-going contribution was paid are fulfilled; (b) the person by whom or on whose behalf the in-going contribution was paid becomes immediately entitled to enter the retirement village as a resident; S. 25(2)(c) (c) if the transaction relates to a building or part substituted by of a building which is not yet constructed or No. 126/1993 s. 264(Sch. 5 is under construction, an occupancy permit is item 18). issued in respect of that building or part of the building under the Building Act 1993; S. 25(2)(d) (d) If the transaction relates to accommodation amended by occupied by a resident who is entitled to No. 35/1996 s. 453(Sch. 1 a refund of all or part of an in-going item 72.2(a)). contribution on another person taking up or becoming entitled to take up the accommodation, the owner pays the whole amount of the refund or directs the refund to be paid out of the moneys held by the estate agent or legal practitioner— and on the happening of the last of those events, the in-going contribution may be paid to the owner in the owner's own right or as the owner directs.
sections 24 and 25 of the of Land Act 1962 apply. S. 25(2) amended by No. 35/1996 s. 453(Sch. 1 item 72.2(a)). (2) An estate agent or legal practitioner who acts for an owner in a transaction relating to a residence contract must hold as a stakeholder moneys comprising all or any part of the in-going contribution received in connexion with the transaction until all the following events have happened— (a) all conditions precedent to the creation of a resident's right in favour of a person by whom or on whose behalf the in-going contribution was paid are fulfilled; (b) the person by whom or on whose behalf the in-going contribution was paid becomes immediately entitled to enter the retirement village as a resident; S. 25(2)(c) substituted by No. 126/1993 s. 264(Sch. 5 item 18). (c) if the transaction relates to a building or part of a building which is not yet constructed or is under construction, an occupancy permit is issued in respect of that building or part of the building under the Building Act 1993; S. 25(2)(d) amended by No. 35/1996 s. 453(Sch. 1 item 72.2(a)). (d) If the transaction relates to accommodation occupied by a resident who is entitled to a refund of all or part of an in-going contribution on another person taking up or becoming entitled to take up the accommodation, the owner pays the whole amount of the refund or directs the refund to be paid out of the moneys held by the estate agent or legal practitioner— and on the happening of the last of those events, the in-going contribution may be paid to the owner in the owner's own right or as the owner directs.