Are you or a loved one looking at moving into
a retirement village?
While it may seem like a straight forward
process, the documentation is complex and
the process can be confusing.
I’m John Gallagher from Argon Law and I
would like to talk to you about retirement
village contracts and help you to understand
your rights and responsibilities associated
with retirement village living.
It is important before you enter into a retirement
village contract, that you understand what
it is that you buying.
There are many ways in which the operators
of retirement villages structure their offerings
from a legal perspective.
Most commonly, contracts relating to retirement
villages are for the sale of a right to reside
in the unit by way of a lease agreement, rather
than purchasing the freehold of the property.
There are multiple fees and charges payable
which can be very difficult to fully understand.
Payments required from you as a resident include
a single ingoing contribution, ongoing general
services charges, any optional personal services
charges and a single exit fee.
Exit fees are payable when you no longer need or wish to reside at the retirement village.
These are usually very substantial payments and the formula for calculating them can be complex.
If you would like more information about retirement
village contracts please visit our website
or give us a call.
