Retirement villages are probably a more complicated form of property than most people are used to. Buying or renting a more conventional property like a house or a strata title unit is generally quite straightforward because:
- the forms of title are well known
- the legal documentation is highly standardised
- the law is well established
- the financial arrangements are clearly defined and easy to understand and as a result it is relatively easy to shop around and compare the price or rent of one property with the price or rent of another
- if services are provided at all they are usually only property related services
- finding an experienced lawyer is a simple matter.
Retirement villages have the following complicating features:
- a number of different and sometimes unfamiliar legal structures are used
- the legal documentation is extensive and complicated and it can vary significantly from village to village
- in some jurisdictions the relevant retirement village legislation is relatively new
- the financial arrangements are complicated and unusual and the variety of different financial arrangements makes it difficult to shop around and compare alternatives because there is much more to consider than just the respective entry prices
- a broad range of general and personal services are usually provided, arranged or made available
- the resident and the operator have a continuing close association that may extend over a long period of time
- the circumstances and needs of the resident may change during that period, requiring a degree of flexibility
- there are relatively few lawyers with retirement village experience and their task is not an easy one for the above reasons.
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