Entering into a Retirement Village is a big decision and lot more complex than buying a house. It’s important that you fully understand your rights and obligations before committing.
It’s important to do your research and seek expert legal advice before entering a retirement village. This will help you make an informed decision and ensure that you have the right strategies in place to make retirement living a breeze.
Our Speciality
You will be assigned both a solicitor and conveyancer to your matter, ensuring you have proper legal advice and the procedural aspects of your matter handled by the right people.
You will receive a complimentary estate planning consultation with our specialist estate planning team.
Professional fixed fees with no sundries charged to you (like photocopying, postage and administration) Disbursements passed on to you directly, so you only pay for what you use.
All solicitors and firm approved annually by the ACT Law Society Practice management software in use receives the coveted NSW Law Society Certification.
Fully audited trust account available for your convenience.
Prepared for paper or PEXA settlements, e-conveyancing ready and skilled in ACT and NSW property transactions. Ask us about auction or private treaty, whether for established properties, off-the-plan or vacant land.
Start your adventure here:
You should consider:
Contracts: You will need to sign a legally binding contract. You need to make sure you seek legal advice and understand the terms before signing.
Costs: Retirement villages have a range of fees and charges, including In-going Contributions, Recurrent Charges and Departure Fees. Make sure you understand all the costs involved and how they will impact your finances in the long and short term.
Rights and responsibilities: There are certain responsibilities you hold when entering a retirement village, these may include things like maintaining your unit, paying fees on time, and following village rules.
Accreditation and regulation: Retirement villages in Australia are regulated by state and territory legislation. Make sure you understand the regulatory requirements and look for retirement villages that have been accredited or certified by industry bodies.
Exit strategies: When you leave the retirement village, there may be a range of options for exiting, such as selling your unit or renting it out. Make sure you understand these options and how they may impact your estate’s finances.
UNDERSTANDING RETIREMENT
How Does It Work? - Sublease/Underlease
Under this model, the Retirement Village Operator owns the Retirement Village and leases a residential unit to you. This is similar to if you were a standard residential tenant.
There may be ongoing contribution fees, recurrent and departure fees that are applicable.
Unit Title
If your retirement village uses a Unit Title model, you as the resident purchase a unit within a units plan which is subject to certain rules and restrictions.
In this case you will own the unit. However, you will likely be required to sign further documents that record your rights and obligations to live within the retirement village.
There may be levies that you must pay for managing and maintaining the property which may change annually. You may also have to pay recurrent charges in addition to the levies.
Loan/Licence Model
When using a Loan or Licence, the Retirement Village Operator owns the land and gives you a licence to live in the unit.
Typically, the operator will require an ingoing contribution as well as recurrent charges to be paid.
When using the loan or licence model, your name will not appear on the land titles register.
The amount refunded to you or your estate upon departure will vary according to the contract and agreements in place between you and the retirement village operator.
Retirement In The Time Of COVID-19
No matter how you would like to proceed with your matter, we can accommodate your needs. We have streamlined and simple digital systems that allow us to complete your matter contactless.
| Retirement Village Entry Steps | Can Morris Legal Group help? |
|---|---|
| Introduction Click here to contact and get your property journey started! |
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| Contract and Agreement ReviewAll advice can be issued in writing and either emailed or posted to you. Advice also includes a videoconference, meeting or telephone call to discuss our advice. | |
| Verification of IdentityThis can either be completed in person at our office, or done digitally. | |
| Execution of Retirement Village Documentse-Signing can be used where the parties consent. Alternatively, documents can be signed in person at our office. | |
| Witnessing (if required)We can also tend to witnessing remotely (where permitted by law) if required. | |
| Deposit PaymentFor your convenience, you can either choose to pay your deposit to our trust account or directly to the agent. Both are done remotely. | |
| Document DeliveryWe can arrange for documents to be delivered via email, post or contactlessly dropped to you. |
Testimonials
How to win at retirement
Yes, property is tricky. We have compiled a winner's guide to property so that you can be prepared and even enjoy yourself along the way.
Download our fact sheet to see what they are.
However, your cooling-off period is waived if you move into the property before the end of the 7-day period.
Learn more by downloading our fact sheet.
Typically, Residents that invoke their rights under the Settling-in period will have to pay any rent due to date, any costs for repairs and an administrative fee of up to $200.
If you would like to know more, click here to get in touch with our experienced team.
It is also important that you understand how moving into a retirement home may impact your will and estate.
Get in touch with our team to learn how we can help.
- the Ingoing Contribution, which is an interest-free loan to the Retirement Village Operator.
- the Recurrent Charges, which are your monthly levies.
- the Departure Fee, which is usually payable when you exit the village.
Resources
Need a quick reference for your retirement? Download a Fact Sheet now!
