Retirement village contract lawyers Melbourne and Ballarat

If you’re thinking of entering a retirement village you may be surprised by the contracts they want you to sign. These are often very different from buying a home and can be quite complex and confusing to understand.

Our experienced lawyers can help you understand your retirement village contract so you can focus on moving in with confidence.

Retirement village contract

The retirement village contract is an agreement between yourself and the retirement village owner. There are several different ways that these can be structured and may differ from village to village. Some of the most common types of retirement village contracts are:

  • A licence. This is where you give the retirement village owner a sum of money in return for the right to stay in the village. Part of your money may be returned to you when you leave the retirement village. This means you don’t actually own the property you live in;
  • A long-term lease. This is where you have the right to live in the property for a long time, usually 99 years, but you don’t own it. You have very specific rights under your lease; or
  • Strata title. This is similar to purchasing the property and you have rights and responsibilities just like an owner. This is often the most expensive way to enter a retirement village but you can sell your strata title when you leave the retirement village.

Regardless of which type of retirement village contract you’re entering into, you should be given a copy of the retirement village sale contract at least 21 days before you need to sign it. This gives time for you and our lawyers to review it.

The retirement village owner must also give you access to a range of information including:

  • A factsheet to help you compare retirement villages;
  • The site plans;
  • Detail about the costs of moving into the village, living in it and leaving your property;
  • Detail of the services they will provide you in the village; and
  • Any rules of the village that you’ll need to follow.

Maintenance contracts

There are many different factors that can impact what type of business structure best suits your needs and objectives. Some things to consider include:

When you enter a retirement village, you become part of a community and there are often costs involved in maintaining the property and the community. You may be asked to enter into a maintenance or management contract which often includes a regular fee that needs to be paid. This may cover a range of things including:

  • The staff who help run the retirement village;
  • Maintaining the gardens and common areas;
  • Services that are provided like emergency call systems;
  • Repairs to the buildings or grounds; and
  • Personal services that you require like cleaning.

Why MNG Lawyers

Our experienced lawyers understand what the fine print in your retirement village contract means and can explain it to you in plain English. They will listen to your issues and help you negotiate your agreement and make sure all the paperwork is in order so you can enjoy your property.

Frequently Asked Questions

There are so many things to consider when choosing a retirement village, including:

  • The type of activities they have;
  • What you need both now and in the future;
  • What interior design and furnishings you may need;
  • The type of care that is available;
  • If they can move you to another part of the village or out of the property without your consent;
  • How secure the village is;
  • The ongoing costs associated with the village;
  • Whether you can keep your pets with you;
  • The exit costs associated with leaving the village;
  • What happens to your money when you leave the village and when you have access to it; and
  • What happens if the retirement village is sold to someone else.

Get in touch today, always in confidence.

We’re here to help. It’s our top priority to ensure your needs and concerns are met every step of the way.
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