Australia has an aging population, which is causing retirement village popularity to skyrocket. Because of this, it’s essential that the law keeps up with the market demand and the changing environment. If you’re planning to downsize, you may want to brush up on some of the laws governing retirement villages so you don’t face any unpleasant surprises later on.
Retirement Villages Act 1999 (Retirement Villages Regulation 2017)
This act clearly outlines both resident and retirement village operator responsibilities and rights, and it explains exactly what information the people who run the retirement village are required to give to any potential applicants. The Retirement Villages Act covers what residents should know before they sign their contract, and it outlines the parameters around residents forming their own committees. Finally, it also tells residents how and when their contract can end.
Civil and Administrators Tribunal Act of 2013
Even in the most well-run retirement villages in NSW and throughout Australia, disputes may still arise. This law ensures that there are clear steps residents and the retirement village board should take to help settle any disputes between them. The goal is to come to an agreement where both parties are happy.
Australian Consumer Law
Retirement villages are very competitive when trying to attract residents, and this means they do a lot of advertising. Fortunately, there are guidelines that define what they can and can’t do. This law outlines how a retirement village can advertise or run promotions to attract new residents.
Strata Schemes Management Act of 2015
Any retirement village that gets set up using a strata scheme has a slightly different set of guidelines than traditional villages. This law outlines the responsibilities of both the tenants and the village board for retirement villages that are set up as a strata scheme. Basically, the board is responsible for any maintenance to the common areas while you are responsible for your items.
Community Land Management Act of 1989
If you want to own your dwelling in a retirement village and become part of the community scheme, this is the law that governs it. This law outlines the rules and rights pertaining to all residents and retirement villages that operate under a community scheme.
If you have any questions about he laws governing Retirement Villages, reach out to our friendly staff at East Coast Law. With over 20 years experience in conveyancing, we are equipped to help you through your downsizing journey. Call us now on 1800 459 507 or download our useful guide on Downsizing Your Home; Selling and downsizing tips for seniors.