Most people would want to live in a retirement village in their senior years. These facilities offer seniors high-quality life, independence and dignity in their retirement years. If you wish to join a retirement village, a few legalities could deter or encourage you to purchase a home in the complex. These legalities are often detailed in the retirement village contract. The article below explains some of the things to look out for in the retirement village contract and how you can address retirement village entry.
Some retirement villages (especially those with a large number of applications every year) have a waiting time. Typically, you make your application and undergo some vetting. If you pass the vetting process, you will have to wait a specified number of months before moving into the village. You may have to pay a waiting fee as a commitment that you indeed plan to move into the village.
Depending on the village you intend to move into, you could either rent, lease, or buy property in the complex. When purchasing property, you will want to know who retains the property ownership rights. In some cases, the company that owns the complex retains these rights. Simply put, you cannot renovate the property as you please or sell the property without the management's consent. In some cases, the company will take a share of the property's equity once you sell it.
A mistake that some seniors make is assuming that they will not incur extra fees once they move into the complex. A retirement village is similar to a strata development. Therefore, property owners must contribute towards the maintenance of shared amenities such as driveways, sport's grounds and cafeterias. Check the amount each tenant pays towards the maintenance of these facilities and the frequency at which you will make these payments. Besides, inquire if you have to pay to use the swimming pool, golf course and other facilities at the complex.
Most retirement villages have a strict code of conduct that residents should maintain. It is a sure way to prevent conflict among the residents. For instance, it could be that each house is allocated a specific number of parking slots. Residents could also be prohibited from accessing dangerous areas such as the pool at night. Besides, they could be restricted from holding loud parties or subletting their property.
When assessing your retirement village contract, check the waiting time, property ownership rights, extra fees and resident conduct.Share
2 August 2021
In my job as a student advisor I hear a lot of complaints about the unfair conditions that some bosses impose on their employees. I'm not a lawyer, but I am very familiar with which conditions are actually illegal and which are just things that some employees don't like being asked to do — like clean the toilets. This blog has some resources to help employees know if what their boss is asking them to do is illegal or just annoying. Knowing even just a little bit about the law can go a long way in making sure you're being treated properly.