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Before moving into a retirement village, you will be presented with several documents. These can be lengthy and quite daunting. It is critical you read and understand the documents – especially the contract. If you decide to enter into the contract, it will generally be legally binding for both you and the operator.
A "residence contract" is a consumer contract that grants a right to occupy particular residential premises in a retirement village. It is, arguably, the most important document you will sign when entering a retirement village.
Consider getting legal advice to ensure your interests are protected. Retirement villages are a specialised area of law, so try to find a lawyer who has experience with retirement village contracts. You should also consider getting independent advice from an accountant or licensed financial planner on the financial consequences of moving into, living in and exiting a village.
It is especially important you understand the risks and consequences that could flow from a need to exit the village or from an insolvency of a village operator. Always do your homework and seek independent, expert advice before signing a contract. Ensure any verbal agreements or claims made are written into the contract.
The terms of a residence contract are subject to requirements in the Retirement Villages Act 1992 (RV Act), Retirement Villages Regulations 1992 (RV Regulations) and the Retirement Villages Code made under the Fair Trading Act 2010 (FTA). The Australian Consumer Law (WA) (also made under the FTA) also contains provisions applicable to consumer contracts.
The residence contract should cover things like:
Thei publication provides detailed information about housing options of over 55's or you can contact the Seniors Housing Centre.
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