The purchase of a unit in a Retirement Village is governed by the Retirement Villages Act. This legislation provides purchasers with certain rights and obligations.
As a member of a Retirement Village, you have a right as a resident to use the services provided by the Retirement Village Management including the use of common facilities. In some instances, you will receive your own title to a unit. In other instances, you will receive a lease or licence to occupy a unit.
The Village is required to disclose all relevant contracts and documents which may affect you before you enter into a formal contract to purchase or lease a unit.
You have a right to cool off within three (3) business days of entering into a contract. However, there is a penalty of either $100.00 or .2% of the ingoing contribution fee (whichever is the greater), which you must pay if you cool off.
We have extensive experience in purchases under the Retirement Villages Act and we can assist you with any queries.