Transitioning into a Retirement Village Lifestyle
Whilst it is a different type of real estate decision to purchasing a house it’s very important to understand all the parameters of this decision before making it formal.
We find people can often confuse Retirement Villages with Aged Care facilities and whilst both are heavily regulated industries, they are very different and are governed by different sets of rules, regulations, and laws.
The property lawyers at Burke Lawyers have many years of experience providing guidance and advice to clients making the move from their current residence into a Retirement Village or Retirement Lifestyle Community.
There have been many positive changes and improvements in the Retirement Living industry which provides potential new residents with more choice and flexibility, but with that choice comes a level of complexity and that’s why we would always recommend you consider both financial and legal advice prior to signing any agreements.
There are several documents to review and understand when considering a Retirement Village including:
- Residency Agreement
- Management Agreement
- Disclosure Statement
- Retirement Village By-Laws
- Fact Sheet
Important to note that the Retirement Village documents must be provided 21 days before you enter into any agreement with the retirement village operator. People sometimes believe that they must “sign their agreement” within 21 days and that is not the case.
The services we provide to support you making this lifestyle decision typically include:
- Retirement Village Agreement review and advice
- Representing you up until settlement, whether in relation to a freehold interest in land or a leasehold interest
- Exit advice, including in relation to your obligations to refurbish or reinstate your residence on exit and exit fees payable
- Preparing a Contract of Sale to sell your residence
- Reviewing and advising on Contract of Sale to purchase your residence
If you don’t currently have a financial advisor, or your current advisor does not have specific retirement living or aged care expertise we work with some of the best financial experts in the industry and would be more than happy to provide their details to you at no cost or obligation.
The Retirement Transition
We find that for some of our clients, this lifestyle transition can be a little overwhelming and it’s our goal to keep the whole process as simple and streamlined as possible. We explain our recommendations and keep you updated every step of the way.
Once you’ve made your final village choice, are comfortable with the advice you’ve been given, have signed all the documentation, and have moved into your new residence you’ll do so with confidence. You will understand all the implications of your decision completely and with that knowledge comes comfort and peace of mind. We’ll ensure that there are no surprises so that you can sit back and enjoy this third chapter in your life.
To find out how our property lawyers can assist and support you with your lifestyle transition into Retirement Village living contact us today on +61 3 9822 8588 or email HERE.
Aged Care Facilities
Whilst much of the work we do involves decision making about Retirement Villages and Retirement Lifestyle Communities, we can also assist you with your decision to move into an Aged Care facility from your current home or the transition from a Retirement Village into an Aged Care facility.
We provide the following assistance regarding Aged Care facilities:
- Aged care & accommodation contracts & leases
- Refundable Accommodation Deposits (RADs) advice & how to claim a RAD
- Guardianship & administration matters
- Estate planning
- Deceased estate administration
Have you updated your Will and Powers of Attorney?
Don’t forget, when living circumstances change there may be some documentation to review and refresh to ensure your documents reflect your current position. Our Wills and Estates Lawyers can assist you with this documentation whether it’s a quick refresh of an existing Will or an update to your Powers of Attorney. Contact our Wills & Estates lawyers on +61 3 9822 8588 or email HERE.
