There are several Retirement Villages situated close to our office in Redland Bay. As a result our firm has considerable experience in dealing with the various structures and documentation involved. We strongly advise that our clients do not sign any documentation before giving us the opportunity to advise on the full implications thereof. If you intend to purchase a unit in a Retirement Village you should consider, among other things, the following:
- What is the purchase price of the unit?
- Are any extras to be paid for in addition to the purchase price?
- What are the weekly service charges?
- Have you to refurbish the unit on sale?
- In what circumstances can you or the Scheme Operator terminate your residency at the Retirement Village?
- When you sell or vacate your unit what exit fee and other costs are deducted from the sale price?
This list of considerations is not exhaustive, there are certainly other matters which require to be canvassed before committing to the purchase of the unit.