Victorian Numbered Regulations Victorian Numbered RegulationsSchedule 3—Calculation of refundable
in-going contribution based on
market value
1 The following clauses apply if the resident becomes entitled to payment of the refundable in-going contribution before another person has paid an in-going contribution in respect of the premises of the non-owner resident.
2 The parties to the contract agree that the refundable in-going contribution will be calculated as if another person had paid the proxy amount determined in accordance with clause 3 as an in-going contribution under a residence contract in relation to the premises.
3 For the purposes of clause 2, the proxy amount is the current market value of the residence right agreed by the parties or, if the parties cannot agree, as determined by an independent valuation obtained from—
(a) an independent valuer agreed by the parties; or
(b) if the parties cannot agree, a valuer appointed by the President of the Victorian Division of the Australian Property Institute.
4 The parties agree that—
(a) if the resident is entitled under this contract to a proportion of any amount by which the in-going contribution paid by the resident is exceeded by the next in-going contribution paid in respect of the premises, the resident is liable for the costs of a valuation under clause 3 in the same proportion; and
(b) the owner is liable for any costs of a valuation under clause 3 for which the resident is not liable under subclause (a).
5 In clause 3, Victorian Division of the Australian Property Institute means the Victorian Divisional Council of the Australian Property Institute Limited ACN. 608 309 128.