New South Wales Government Delivers New Standard Contract for Retirement Villages
On April 26th 2013, Anthony Robert, the Minister for Fair Trading delivered a Liberals and Nationals election commitment by launching the new standard contract for the retirement village industry.
Mr. Roberts said that all retirement facilities across the state must have the new standard contract in place by the 1st October 2013 along with a general enquiry document that explains the services and facilities available in the village and a new simplified disclosure statement to be given to the residents before they sign a contract.
Mr. Roberts said: “retirees and their families will be able to clearly see their rights and obligations and make accurate comparisons between villages so they can choose one that best suits their needs. “
President of the NSW Law Society, John Dobson, commended the NSW Government on the initiative and said “I believe it is in the interests of both those looking to move into retirement villages and the operators of retirement villages to have a standard contract that sets out clearly the rights and obligations of each party”.
Property and Commercial Partner Barry van Heerden welcomed the new standard contract and said that this would make it easier for retirees to understand their obligations. Barry specialises in this complicated area and recommends that all clients considering purchasing a retirement village unit obtain proper legal advice before signing any documents.
For further information, please phone our toll free number 1800 621 071 and ask to speak to Barry or Christine.