What if I am considering a Retirement Village?
BMlaw has considerable experience acting for retirement villages, and also for clients wishing to take up residence in a retirement village.
The decision to move to a retirement village is a lifestyle choice. Whilst there is a property transaction involved, it is usually not a real estate transaction in the normal course of events. Retirement Villages often have exit fees and other costs in addition to your ongoing financial contributions. In this regard, it is essential you seek legal advice before entering into any negotiations or agreements to acquire property in a Retirement Village.
BMlaw has all the requisite expertise to advise you on acquiring property in a retirement village, specifically in the following areas.
- Whether the premises are Leasehold or Freehold
- Reviewing documentation, including contracts for sale and purchase, leases, resident’s contracts, body corporate advice, Public Information Documents, Title Transfers, and any other legal documentation required by the retirement village in question.
- Your upfront costs and ongoing fees including any exit fees for which you or your estate may be liable
- Any reinstatement costs for which you or your estate may be liable
- Your rights and responsibilities and those of the Scheme Operator
There is a significant amount of documentation to review before you sign on the dotted line. Therefore, it is critical you understand your rights and obligations, and that you are comfortable with your decision to acquire your new home in the retirement village of your choice.
To ensure a smooth and worry-free transaction, BMlaw will liaise with all the relevant parties to the transaction, including the Scheme Operator, the Body Corporate, the solicitors acting for the retirement village and where applicable, the vendor’s solicitors.
We are also happy to provide assistance if you are selling your existing home prior to buying into a retirement village.