Retirement Village

Retirement Village

The decision to move into a retirement village is a lifestyle choice and an important financial decision. It is important that you are well informed and seek expert legal advice from the beginning.

Contact us today and speak to Jason Dunn, our Partner leading our experienced retirement village law team, and let us help you make an informed decision. We have also put together a helpful checklist of the more important questions you should be asking as you embark on your transition into retirement village living.

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Our Top 3 Tips

Obtain Legal Advice From A Lawyer Experienced In Retirement Village Law

01

Obtain Independent Financial Advice

02

Do Your Research And Speak To Residents Living In Your Chosen Retirement Village

03

Frequently Asked Questions

Moving into a retirement village is a significant legal and financial commitment. It is important that you take the time to get expert legal and financial advice before you sign any contracts with a village operator.

What costs are involved?

Apart from ordinary living costs, there are three main costs associated with living in a retirement village:

  • Entry payment: the upfront payment made to the village operator to live in the village;
  • Recurrent charges: ongoing service fees to cover the operating costs of the village;
  • Exit/departure fee: a fee, generally calculated as a percentage of your entry payment, retained by the operator to cover their investment in and improvements to the village.

What ownership options are there?

Generally speaking you don’t “own” your unit; however, you are entitled to the sole use of your unit and you will have rights and protections under the Retirement Village legislation.

There are three main types of ownership agreements used in retirement villages:

  • long term lease;
  • licence agreement; and
  • strata title.

What if I realise retirement village living isn’t for me?

The Retirement Villages Act 1999 (NSW) provides residents with a 90 day settling-in period, during which you may terminate your village contract by permanently vacating your premises.

If you terminate your contract during the settling-in period you are entitled to a refund of your entry payment and any recurrent charges paid to the operator, and are only liable to pay:

  • fair market rent for the period you occupied the premises;
  • an administration fee of not more than $200.00;
  • the cost of any repairs for damage to your premises in excess of fair wear and tear; and

the reasonable costs incurred by the operator for any alterations made at your request.

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