The operation of Retirement Villages and the disclosures to be made to entrants to the Retirement Village, are closely regulated by NSW laws. It is now compulsory for the following documents, to be issued by the operator:
- General Enquiry Document. This provides general information about the Retirement Village to assist prospective entrants in determining whether that Retirement Village is suitable. This document is issued at the time an enquiry is received;
- Disclosure Statement. This must be provided at least 14 days prior to an entry signing the Standard retirement village contract. The disclosure statement provides more detailed information about the Retirement Village and its operation including financial arrangements specific to a particular unit;
- Standard Retirement Village Contract. This sets out the obligations and rights of the entrant and the Retirement Village operators including fees, services available and repairs and maintenance. This contract is signed at the time of proceeding with entry into the Retirement Village.
It is important to obtain legal advice on the Standard Retirement Village Contract prior to signing to ensure that you fully understand your responsibilities and your entitlements. There may also be an opportunity to negotiate the Contract with the operator prior to proceeding, so that it better serves your interests.
Additionally, it is also important, prior to proceeding with entry at a Retirement Village, that you:
- Make enquiries with and inspect several Retirement Villages to identify which Village is preferred and/or most suitable;
- Carefully inspect the available unit at your preferred Retirement Village and notify the operator of any repairs, maintenance or other issues identified;
- Understand how the agreement can be terminated should you need to move to a Nursing Home or other facility;
- Review your financial resources to confirm they will satisfy the ongoing cost of living at the Retirement Village and, if necessary, make arrangements to ensure sufficient funds;
- You may also be required by the Retirement Village operator to have a Power of Attorney or Enduring Guardianship which shall apply in the event you are unable to manage your own affairs or suffer from diminished mental capacity, affecting your ability to make decisions affecting your health or finances.
If you are considering Retirement Village Entry, you may wish to contact our office and arrange an appointment to see one of Aged Care & Elder Law Solicitors in our Sydney office.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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