If you are considering moving into a retirement village, it is crucial that you obtain the appropriate advice from your accountant and lawyer.
Each retirement village has their own contracts and they all vary. It is important that you understand whether it is a leasing arrangement or you purchase the property. It is also crucial to understand what happens, once you pass away.
The legal documentation will determine whether you receive a percentage of any capital growth or not. The law is quite complex and this is why a retirement village provider must give you a disclosure document outlining the key information about the scheme.
If you do not understand any part of the legal documentation, we strongly recommend you obtain the appropriate advice. Kelly Parker has reviewed a number of retirement village agreements and can provide you assistance.