Moving out of a retirement village
Many retirement villages charge fees when you leave the village. These fees are known as exit fees, deferred facilities fees, deferred management fees or deferred payment. The amount you pay often depends upon how long you have been in the village, and will be determined by the contract you entered into with the operator.
These fees can be high so it is important you find out upfront how much you will be required to pay if you leave.
Be aware – you may have to continue to pay ongoing charges for a set period of time when you leave the village unless someone else takes over your lease/licence or buys your unit and takes over those charges within the set period (typically six months for contracts entered into before 1 April 2014 and three months for contracts entered into after on or after 1 April 2014)
This is the amount the village operator must pay or credit you if you want to move out of the village. It is important to find out at what point you are eligible to receive this money as you may need it if you have to move to a higher level of care. Your right to an exit entitlement may depend upon someone else first buying or leasing your unit, which could take some time.
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