Retirement should be a stress-free period of your life. Buying into a Retirement Village is quite different from buying a home. The transaction can be complicated especially at a time when you may be feeling vulnerable, indecisive, and uncertain about your future. It is very important that you seek out legal advice so that you properly understand the documents you are signing and what your rights and obligations are.
There are several ways of owning a Retirement Unit in a Retirement Village, the most common ways are:
- Lease a unit in the retirement village under a long term lease; or
- Buy the Freehold Title to a unit in the retirement village; or
- Hold a Licence to occupy a unit in the retirement village.
Before signing any retirement village contract, you should consider the following to name a few:
- What are the entry fees into the retirement village?
- What services will be provided and at what cost?
- Can I bring my pet?
- Can I decorate my unit to my own taste?
- Will I have my own garden to tend?
- Is there a high care facility at the retirement village?
- Will there be refurbishment and capital replacement costs?
- What are the exit fees of the retirement village?
- How would I move out of the retirement village if I need higher care?
When you decide to move into a retirement village you will be provided with a Public Information Document which details your rights and obligations as a resident of your selected retirement village and also the operators of the retirement village. Our experienced Property Lawyer will meet with you, explain the process and handle your file personally throughout the process. Our services include:
- Advice regarding the Public Information Document;
- Acting on your behalf to buy or sell a retirement village unit; and
- Conveyancing services for the sale of your home.
Contact our experienced Principal Chris Emery.