We are experienced in acting for individuals as they enter into retirement village contracts. With our caring and patient approach we are able to assist at each stage of the process, and usually represent clients who are also selling their family home and moving in to a retirement village.
Buying into a retirement village is not as simple as buying a house. Retirement village transactions are covered by multiple complicated laws and as a result the documentation is lengthy and complex.
If you have already signed a document with a retirement village, we urge you to call our office urgently. Once you sign the Public Information Document provided to you by the operator at the beginning of the negotiation process, it may trigger the beginning of the cooling off period. Once this expires you may not be entitled to a refund of any moneys paid.
Each Village has clauses and conditions specific to them. These vary from contract to contract and need to be reviewed and advised on individually. These contracts have long-term financial consequences in that they normally involve substantial exit charges when the person leaves the Retirement Village because most retirement village contracts are for the sale of the right to reside in the unit by way of a lease agreement, rather than purchasing a unit itself in the village.
It can be a complicated transaction which may come at a time when you are feeling vulnerable and uncertain about the future. It can be especially taxing if you are selling the family home in the same transaction. There are a number of documents that you will need to review and understand and agree to when making an informed decision to enter into a retirement village contract.
Before you sign a residence contract, there are many things to consider, including:
- What is the initial one-off ingoing contribution?
- What are the exit fees and what will be involved if I need to move?
- How is the exit fee calculated, and when must it be paid? When will any payments be paid to you, or your estate? What if you need those monies to form part of an accommodation bond at another facility?
- Will the village operator take a share of any capital gain made on the unit?
- What about the cost of reinstating the unit and other selling costs?
- What must be mandatorily reinstated?
- Or is there a high care facility onsite which will enable me to obtain nursing care if necessary in the future without having to move?
- What are the extra costs if there is a high care facility? What type of care can the retirement village offer?
- Will your interest in the village be affected by long absences, such as holidays, or recovering off-site due to an illness or injury?
- Can you be forced to undergo medical assessments and ultimately be forced to leave the village?
- What are the other additional fees and charges that I need to be aware of? Examples include costs to cover maintenance, recreational facilities and management and administration.
- What about personal services charges, such as meals, or cleaning?
- Can I stay on even if my health diminishes?
- How are disputes resolved?
- Can I keep a pet, plant a garden, or paint my unit?
- What other improvements can I make and what will I be compensated for?
- What services will be provided and what is their cost?
- What insurance will I need?
We can assist in the areas of:
- Review of residence contracts (licence agreements, leases, sale contracts).
- Review of nursing home and retirement village contracts.
- Review and drafting of village bylaws and policies.
- Statutory compliance.
- Termination, sales, conveyancing.
- Residents Committee and Body Corporate issues.
- Resident disputes.
Mr Conveyancer is here to offer a complete solution to meet your needs. We have a ‘can do’ attitude and understand that timely and professional attention to detail is required for the best property transaction outcome. We will help you save time and money. Click here to contact us today and explore our quality service and legal conveyancing solutions. Your property deserves the assistance, quality and skill that we offer.