Information you must be given from retirement villages
To help you decide whether to sign a residence contract with a particular retirement village, you must receive (at least 10 working days before a residence contract is signed):
- a pre-contractual statement, that provides accurate information about a range of matters including fees and charges payable by you in relation to the village you are considering (Form 1 or Form 1 A*);
- a copy of the residence contract;
- a copy of the residence rules of the village, which may include limitations on visitors, pets, use of common areas and amenities, parking or gardening;
- a copy of the Code of Fair Practice for Retirement Villages; and
- a notice that informs you about your rights, including the necessity for residence contracts to be in writing and the cooling off period that applies after signing your contract.
Details of the two pre-contract disclosure statements can be found in Schedule 1 to the Retirement Villages Regulations 1992.
*Note 1: New forms 1 and 1A commenced on 1 April 2016. Operators of retirement villages have a three month implementation time-frame during which they can use the pre 1 April version of the Form 1.
Note 2: Form 1 will apply for the majority of residents considering entering into a residence contract.
Note 3: Form 1A will apply to a minority of residents considering entering into a short-term residence contract which is a contract that has a fixed term of 12 months or less for which there is an amount payable that must total $1500.00 or less which secures the prospective residents right to admission as a resident of the retirement village (eg a security bond).
Be aware that the cooling off period ceases immediately if you move into the village prior to its expiry.
You must also receive (at least 10 working days before a residence contract or a service contract is signed):
- other financial information about the village, (this information may vary depending for example on whether the village is operating or under construction);
- information about the costs and process associated with leaving the village; and
- if the village is strata titled, a copy of the by-laws of the relevant strata company and an authority to inspect any record or document held by the strata company in relation to the village.
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