Australia is fortunate enough to be an aging population. The Australian Bureau of Statistics suggest that by 2101 there will be 11.2 million Australians over the age of 75, which means that Australia’s population over the age of 75 will increase from 6.5% to 16.15% of total population.
We understand that moving into a retirement village is not only a lifestyle decision but also a major financial decision. Retirement village contracts are extremely comprehensive often running over 200 pages once the disclosure documents are included. It is important for residents to understand their rights, financial commitments and other obligations. There are various types of residence contract but they all normally include entry, ongoing and exit fees. In our experience residents (and their family) do not fully understand that exit fees can be quite substantial and the process by which such exit fees are calculated.
We have extensive experience:
- Assisting retirement villages draft the agreement to lease, residence contract and deeds of variation and release;
- Assisting retirement villages comply with their disclosure requirements under the Retirement Villages Act 1992 (WA);
- Providing independent legal advice to incoming residents. We provide ‘plain English’ advice setting out the legal and financial obligations of the residence contract including entry, ongoing, exit and ‘out of pocket’ charges;
- Assisting outgoing residents calculate and understand the exit charges;
- Assisting incoming and outgoing residents (or their estate) manage the settlement process; and
- Assisting incoming and outgoing residents with their Estate Planning requirements.