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ARTICLE · 25 SEPTEMBER 2017

Need for caution before signing a retirement village contract

Stacks Law Firm
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A retirement village contract can be long, complex and technical; hiding obscure pitfalls, loopholes and unexpected fees.

AustraliaReal Estate and Construction
Kate Byrne
Kate Byrne
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Recent revelations of elderly people being thrown out of home because of fine print in their retirement village contract and then being hit with shockingly high exit fees highlight the need to exercise caution and obtain independent legal advice before signing a retirement village contract.

Retirement village operators can charge high exit fees

Several vulnerable senior citizens who thought they had a home for the rest of their lives with the necessary care were shocked to find that a large part of the profit made by one of the largest retirement village operators depended on high exit fees incurred when they died or were forced to leave.

One retiree told ABC's Four Corners that she felt "shock, disbelief and powerlessness" while another person warned that their village was a "financial sinkhole".

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