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Retirement village contracts

By in Buying

Choosing a retirement village is an important decision and may involve a large financial commitment.

What does a retirement village contract usually cover?

The contract will stipulate the terms and conditions of your right of occupation and your financial commitments, including:

  • an accurate description of the premises;
  • your right to access any common facilities and village services;
  • payment of a capital sum by you upon entering into the contract;
  • return of any capital to you when you cease to reside in the village and how that is calculated;
  • payment of ongoing contributions, what is covered and how those payments may change over the term of the contract; and
  • bonds, guarantees or other security.

Seek our advice before you sign a retirement village contract.

We will ask you to send us the draft retirement village contract a few days before your consultation. Our fixed fee of $385 covers reading your contract prior to your consultation and meeting with you for up to 40 minutes to give you general and preliminary verbal advice in relation to your contract.

Following the consultation we will offer you a written quote for any further service you may require. Additional charges apply for particularly long or complex contracts. Where possible we will advise you in advance of the consultation. More information and bookings.

 

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