When you purchase a unit in a retirement village, you are generally only buying a licence to occupy the unit and you will not usually own the land. The document you will sign is generally called a Occupation Right Agreement and contains the terms and conditions, as well as the price you will pay and how much you can expect to get back when you leave the unit. Note: moving into a retirement village is not seen as a good capital investment, but has many other benefits and can be a great life choice if you have mobility issues and for your silver years generally.
The village must comply with Retirement Villages Act 2003 and the Retirement Villages (General) Regulations 2006. This includes providing “disclosure” to the purchaser/licensee and ensuring you obtain independent legal advice before you move in. You will have a 15 day cooling-off period to consider that advice and can pull out if you change your mind.
Please contact us any time to discuss your requirements. If you are elderly or mobility is an issue, we are happy to come to you.
*Prices below exclude GST and disbursements.
| Service | Standard Price |
|---|---|
| Advice on Occupation Right Agreement and attending to settlement | $3,500 fixed fee |
| Sale / termination of Occupation Right Agreement | $1,500 |
| Finance – personal loan to complete purchase | See Property |
| Wills – required by retirement villages | See Wills |
| Enduring Powers of Attorney – required by retirement villages | See EPOAs |
Owning your home vs Retirement Village
While there are many options to spending your retirement life, you may be thinking about entering into an apartment, villa or unit in a retirement village, whichever it may be. A retirement village is an [...]
Why you would need a Will now
As time goes on and we go up in age, our mental capacity will eventually deteriorate. Although may take a longer time for some, it will happen to many people. It is an unfortunate, yet [...]
What happens if you die without a will?
If you don’t have a will when you die, your estate will be divided in the way set out in the Administration Act. As a result, your property may not go to the people [...]
Enduring power of attorney witnessing requirements – law change
Since 2008 the witnessing requirements for enduring powers of attorney have been very strict. Due to a potential conflict of interest the law required the donor (the person appointing the attorney) to have their signature [...]