How do I go about entering a retirement village?
When choosing a retirement village several factors should be considered. The area you choose may be where you have lived for many years, close to family and friends, public transport, shopping centres or near your favourite restaurants and recreational activities. It is important to keep these in mind when selecting a retirement village.
Book an appointment with the village representative – e.g. salesperson or Village Manager – to view the village and accommodation units available. It is a good idea to have a checklist with you about certain accommodation, facilities or services that are important to you – e.g. two bedroom, pool and tennis court, meals etc.
Once you have made the decision to enter the retirement village, you may be asked to pay a holding deposit (usually $1,000), which will secure your interest in the accommodation unit of your choice. This deposit must be held in a trust account with the operator’s solicitor, the public trustee or a real estate agent and you must be issued with a trust account receipt. The deposit will form part of the total purchase price. The deposit is fully refundable if you change your mind about entering the retirement village.
You must also be provided with a Public Information Document (commonly referred to as the ‘PID’) from the operator. This is a statutory document that contains information about the type of accommodation, financial arrangements, facilities and services and resident’s rights and responsibilities. The Public Information Document forms an integral part of the Residence Contract, which is a contractual agreement between you and operator of the village detailing your rights and responsibilities and the rights and responsibilities of the operator.
You will be required to sign an Application Form and the Public Information Document. The Public Information Document is also signed by the scheme operator on the day that they accept your application to reside. Once your application has been accepted, you are entitled to a 14 day cooling off period, which allows you the opportunity to consult with your solicitor or financial advisor and make certain that you have made the right decision. It is strongly recommended that you do consult with such experts. Remember, you can change your mind about moving to the retirement village during this period.
Once you made the final decision to move, your solicitor will liaise with the operator’s legal representatives and start the process for settlement – much like when you purchased your existing property.
Book an appointment with the village representative – e.g. salesperson or Village Manager – to view the village and accommodation units available. It is a good idea to have a checklist with you about certain accommodation, facilities or services that are important to you – e.g. two bedroom, pool and tennis court, meals etc.
Once you have made the decision to enter the retirement village, you may be asked to pay a holding deposit (usually $1,000), which will secure your interest in the accommodation unit of your choice. This deposit must be held in a trust account with the operator’s solicitor, the public trustee or a real estate agent and you must be issued with a trust account receipt. The deposit will form part of the total purchase price. The deposit is fully refundable if you change your mind about entering the retirement village.
You must also be provided with a Public Information Document (commonly referred to as the ‘PID’) from the operator. This is a statutory document that contains information about the type of accommodation, financial arrangements, facilities and services and resident’s rights and responsibilities. The Public Information Document forms an integral part of the Residence Contract, which is a contractual agreement between you and operator of the village detailing your rights and responsibilities and the rights and responsibilities of the operator.
You will be required to sign an Application Form and the Public Information Document. The Public Information Document is also signed by the scheme operator on the day that they accept your application to reside. Once your application has been accepted, you are entitled to a 14 day cooling off period, which allows you the opportunity to consult with your solicitor or financial advisor and make certain that you have made the right decision. It is strongly recommended that you do consult with such experts. Remember, you can change your mind about moving to the retirement village during this period.
Once you made the final decision to move, your solicitor will liaise with the operator’s legal representatives and start the process for settlement – much like when you purchased your existing property.