There is an increasing number of retirement villas or units being acquired by our aging population. What many don’t realise is that more often than not the purchase of a villa or unit in a retirement village is not a purchase of a freehold or strata interest, it is a long term lease where the operator remains the owner of the property and the resident has a right to reside.

Living in a retirement village does not entitle you to aged care facilities. Sometimes there are two operators within the same village however they are legislated differently. There are ongoing fees and charges you need to be aware of when entering into a retirement village contract.

It remains an area of controversy within consumer groups because the contract can be confusing and unclear and you or your family may be unpleasantly surprised when it comes time for you to leave. What happens if you want to end the agreement, and what happens when you die?

Talk to one of our expert lawyers today.