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.
|Advice on Occupation Right Agreement
||$1,800 to $2,500
|Attending to settlement
||$600 to $1,000
|Sale / termination of Occupation Right Agreement
||$800 to $1,500
|Finance – personal loan to complete purchase
|Wills – required by retirement villages
|Enduring Powers of Attorney – required by retirement villages