A village operator must provide a potential resident detailed information about the village. 

At least 10 working days before a residence contract is signed a resident must be given:

• a pre-contractual disclosure statement (Form 1 or Form 1A);
• a copy of the residence contract;
• a copy of the residence rules of the village. This may include limitations on visitors, pets, use of common areas and amenities, parking or gardening;
• a copy of the Code of Conduct for Retirement Villages; and
• a notice about your rights, including the need for written residence contracts, documents you must be given and the cooling off period.

You must look carefully at the contract and rules of the retirement village you are considering. It is highly recommended that you seek advice from a legal practitioner and/or financial advisor before signing.

Changing your mind / Contract cooling off 

The cooling-off period ceases immediately if you move anything into the village.

You can end or cool-off your contract if:

• you have not moved in; and
• it is within seven (7) working days of signing.

If you were not provided the disclosure information within 10 working days, the cooling-off period extends to 17 working days.

To withdraw from the contract, you must notify the village operator in writing as soon as possible within the timeframe above.

Disclosure statements 

The disclosure statement used depends on the type of contract entered into. 

Form 1A

Form 1A applies to residence contracts with a:

• term of 12 months or less; and
• payment of no more than $1,500. This payment is paid by the resident to the operator as consideration for entering the village.

Form 1

Form 1 applies to residence contracts when:

• an ingoing contribution is paid for the right to live in a particular unit; and
• the residence contract is for 12 months or more.

The disclosure statements can be found in Schedule 1 to the Retirement Villages Regulations 1992. 

What does the disclosure statement cover 

The disclosure statement must have important information about the village including:

• ingoing contribution or other entry costs;
• an explanation of daily, weekly or monthly operating costs;
• amenities and/or services available and any fees or charges.
• type of residence e.g. 2 or 3 bedroom
• parking
• restrictions e.g. visitors and pets
• insurances
• residents’ committee
• planned future developments
• how any budget surpluses, reserve funds and resident consultation are to be managed; and
• estimates of the amount which may be payable to the resident when they move out

See more about fees in:

• Moving in fees
• Living in fees
• Leaving fees

Residence contracts

The residence contract must include:

• type of occupancy you have e.g. if you are renting, leasing or buying the home;
• fees and charges a resident will pay and how they are calculated;
• length of time you can live in the village;
• the circumstance when you can be transferred to other accommodation in the village. This must include any costs and who is responsible for those costs;
• details about services and amenities you will receive or have access to;
• details of village reserve fund contributions and the method of calculation. The reserve fund covers the cost of maintaining the village.;
• who is responsible for maintenance and replacement of fixtures and fittings in the unit and communal areas;
• the amount of the ingoing contribution;
• the method of calculation of your exit entitlement;
• whether you will share in any increase in value of the unit when you leave;
• the recurrent charges that will be paid by a resident towards the costs of maintaining the village; and
• any plans for redevelopment in the village. If the village is under construction, plans showing the location, floor plan and facilities allocated to you.

Residence contracts must not:

• require residents to give the operator (or a close associate of the operator) a power of attorney; and
• prohibit the calculation of exit fees on a daily pro rata basis.

Make sure you understand the risks and consequences if you need to leave the village or if a village operator becomes insolvent.

Names on the contract

Make sure you and your partner’s names are both on any title, lease or licence. If only one name is on the lease or title, the other partner may have to move out if the leaseholder no longer lives at the village.

Other information you must be give

You must also receive the following at least 10 working days before signing a residence or service contract:

• other financial information about the village. This information may vary depending on whether the village is operating or under construction;
• information about the costs and process associated with leaving the village; and
• strata titled villages: a copy of the by-laws of the relevant strata company. Plus, an authority to inspect any record or document held by the strata company in relation to the village.