Legislation requires retirement village operators to do various things before you sign a contract, including:
- Provide an information factsheet (in the approved form) to prospective residents
- Allow prospective residents to inspect particular documents held by the operator (eg the site plan of the village)
- Provide an expanded pre-contract disclosure statement (in the approved form) to those intending to sign a contract, to help them understand the costs of moving into, living in and leaving their unit
- Use standard content and layout in retirement village contracts to make them easier to understand and compare.
The factsheet and disclosure statement will help you understand the financial obligations associated with retirement village living. You should seek legal advice on each document.
The retirement village operator must also give you other documents, including:
- Any contract relating to services the operator will provide
- Any other agreement about payment of an ongoing contribution or a recurring charge for goods and services
- Disclosure statement
- Rules or by-laws of the village and any agreement to abide by them
When you evaluate the documents, check what extra charges may apply. You might be charged for services that you are not going to use (eg a pool). Again, your lawyer may be able to negotiate these terms for you.