Key Points:
Retirement village operators should act now to ensure
they are ready to implement the new contract and disclosure
requirements effective 1 October 2013.
In a move designed to increase transparency in the retirement
village industry and to simplify and streamline the contractual
arrangements for entry into and exit from retirements villages in
NSW, the NSW Government has introduced amendments to the Retirement
Villages Regulation 2009, which will govern contracts entered into
on and after 1 October 2013.
Three new prescribed documents have been introduced, which will
be compulsory to issue to prospective occupiers of retirement
villages:
The General Inquiry Document provides a basic
explanation about the retirement village, including financial
matters such as current recurrent charges, departure fees and
details on whether residents share in any capital gains.
