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Understanding Retirement Village Contracts

Oct 20

Moving into a retirement village is not always as straightforward as it may seem. There tends to be a lot of paperwork involved, and the contracts can be incredibly complex and may leave you feeling confused.
Before signing a retirement village contract, it is important to first fully comprehend your rights and responsibilities and you also need to understand exactly what you are purchasing.
As a lawyer, I know that there are so many varying retirement village structures and options. The most popular type of contract allows you to reside in the unit, but does not allow you to purchase the freehold of the property.
There can also be many different types of fees which may be a challenge to get your head around. Payments such as a single exit fee, ongoing general services charge(s), an ingoing contribution as well as additional optional personal services costs.
However, there is a method to calculate these costs, so you can be prepared and plan for these payments; especially in the scenario where you do not want to live in the retirement village anymore.
If you need assistance deciphering a retirement village contract, please call us on (07) 5443 9988 or send us an emailĀ [email protected]