There are various terms, concepts and expressions used in the retirement village sector, but what does it all really mean? Below is a brief summary of the more common terms and their plain English meaning: Ingoing Contribution: This is the amount paid by a resident for the right to reside in the premises. It is […]
Given some recent cases and media around the abuse of sunset dates by some developers, changes to the laws around off-the-plan contracts certainly isn’t unexpected. The Conveyancing Legislation Amendment Act 2018 No 75 (NSW) was assented to on 22 November 2018 and is set to provide better protections for purchasers of off-the-plan properties. While we […]
Do certifiers owe a duty of care to prospective purchasers when issuing an occupation certificate? There has been quite a lot of media attention recently around the role of private certifiers appointed and paid by developers to certify their residential developments. Depending on the outcome of the upcoming State election, there may well be some […]
The first legislative reforms of the Retirement Villages Act 1999 following the Greiner Review into the retirement village sector came into force on 28 November 2018, in the form of the Retirement Villages Amendment Act 2018 No 77. The amendments provide for a combination of changes to existing sections of the Act, new sections and […]
When purchasing a property through your Self-managed Super Fund (“SMSF”) there are a number of rules and regulations that must be complied with. If your purchase does not comply with the Superannuation Industry (Supervision) Act 1993 (“SIS Act”) and Duties Act 1997 there can be penalties, assets of the SMSF can be frozen, and there […]
There are several fees and charges associated with living in a retirement village. Following is a brief outline of the costs you can expect to encounter when entering a retirement village in New South Wales. The costs involved with entering and living in a retirement village can vary considerably, depending on the type of property, […]
Can a landlord who calls on a bank guarantee due to the insolvency of its tenant be subject to an unfair preference claim by a liquidator? The New South Wales Court of Appeal recently delivered its decision in Hosking v Extend N Build Pty Ltd. That decision considered the reach of the term “transaction” for […]
Is the purchaser of a commercial property legally bound to honour the terms of an unregistered lease for part of those premises? This was the issue being considered by the Supreme Court in the recent case of Ideal Business Centres Pty Ltd v Violin Holdings Pty Ltd as trustee for The Violin Investment Trust [2018] […]
The Supreme Court of NSW has provided valuable and much needed guidance on when, and on what terms, it will permit the rescission of an off-the-plan contract by a developer pursuant to a sunset clause. The recent decision in DGF Property Holdings Pty Ltd v Butros & Ors [2018] sends a strong message to developers […]
Recent developments in the Retirement Village sector is welcomed news for both residents and the industry. There has been a significant amount of media attention in recent months regarding the booming retirement village sector. Unfortunately, not all of this media has been positive. As a result, the State Government has been called upon by a […]
