Talk to a solicitor
Buying into a Retirement Village is substantially different to purchasing a residential property. The transaction is complicated and therefore, it is important that a solicitor assists you in order to protect your interest.
While most people understand the term ‘Retirement Village’ as a meaning of residential accommodation, it comes as a surprise to many that there are different ways of owning or occupying a retirement unit.
The most common forms of occupation are:
1. Buying into the freehold title of the unit
2. Leasing the unit under a long term lease
3. Licence to occupy the unit
It is important that you obtain our legal advice and independent financial advice to assist you in determining which method will be advantageous for you.
A Retirement Village has its own Public Information Document which details the rights and obligations of both you as a resident and the operators of that Retirement Village. Our solicitors can meet with you and provide you with expert legal advice so that you understand the process of the conveyance and your rights and obligations under the contract. This will assist you in making an informed decision should you wish to proceed in signing the proposed contract. Our solicitors will handle the conveyance should you wish to proceed with the contract.
Please do not sign anything until you have obtained legal advice from a solicitor.