Thinking of a retirement village?

Published by Vanessa Crosby on December 14, 2010

When you become older and realise that your existing residential arrangements have become unsuitable moving may become necessary.

There are four general types of residential arrangements that need to be considered. Retirement village living, shared living, rest-home living and Hospital care. I want to discuss retirement village living in particular and your lawyers role in such a decision.

The Retirement Villages Act 2003 governs retirement villages. Generally speaking the purpose of the Act is to protect the interests of residents and intending residents of retirement villages. The Act was introduced on the recommendation of the Law Commission to remedy a perceived gap in the Government oversight of residential accommodation for people in vulnerable situations. You must obtain the advice of a lawyer before signing any agreement with the retirement village.

The lawyer will discuss with you amongst other things the following:

  1. The provisions of the Occupation Right agreement
  2. The particular type of property ownership you will receive.
  3. Inform you of the risk of such investment.
  4. Your financial situation.
  5. Your health and therefore likely need of care or likelihood of short residence in the village.
  6. Your family situation and hopes in relation to providing for your children.
  7. Your temperament and level of independence and therefore likelihood of enjoying village life.

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