with New Day Legal

It is well known that retirement living is becoming an increasingly significant issue for Australia ’ s large and ageing ‘ baby boomer ’ population .

At New Day Legal , we support many clients as they consider whether to remain in their large family home or downsize to either a smaller house or a strata apartment . Another growing area of enquiry concerns the benefits and drawbacks of living in a retirement village complex . Retirement villages present an alternative option for seniors seeking a supportive and community-oriented lifestyle .

Before You Sign a Retirement Village Contract

Do I really need a solicitor when signing a retirement village contract ?

Many buyers do not consult a solicitor before signing their contracts . However , this is a critical step that should not be overlooked .

A common scenario involves prospective residents viewing plans for a yet-to-be-built retirement village or visiting a newly developed complex . The excitement of new facilities , appealing colour schemes , and an engaging community atmosphere can sometimes overshadow the legal obligations tied to such agreements . But it is essential to remember that , like any other legal document , signing a retirement village contract legally binds you to certain responsibilities towards the operator .

In return , the operator must provide you with a contract for review and meet their legal disclosure requirements . This includes a mandatory timeframe allowing you to carefully read the document and , if necessary , seek independent legal advice .

Purchasing a place in a retirement village is a significant financial commitment . Without thorough consideration — including independent accounting and aged care financial advice — it can lead to unnecessary stress for retirees and their families , particularly when managing affairs after a resident ’ s passing .

Changes to Retirement Village Contracts

Many retirement village operators discourage modifications to their standard contracts . This is understandable , as they aim to maintain the ambience and lifestyle expectations of an over-55s community , particularly in larger villages .

However , at New Day Legal , we advocate for amendments where

necessary , ensuring both our clients and the operator benefit from any proposed changes .

One crucial aspect often misunderstood when purchasing in a retirement village is that you are not buying the land . Instead , you are acquiring the legal right to purchase and reside in the home , while the land remains owned by the operator . This distinction can have financial implications , particularly in relation to stamp duty . With appropriate

legal guidance , potential alternatives may be explored to mitigate these costs . Free Consultation for Seniors The team at New Day Legal would like to take this opportunity to wish our seniors a very happy Seniors ’ Week . As a token of appreciation , we are pleased to offer a free initial consultation of up to 30 minutes , subject to prior booking .

We look forward to assisting you . To arrange a consultation , please contact us on 0407 270 912 .