Jim and Sue have worked tirelessly all of their lives, raised and educated two sons and two daughters, all of whom are now financially independent and have flown the coop, so to speak.
The five bedroom home for the past 25 years, whilst full of fond memories, is just too large to maintain. The home has been well maintained and is located in a popular part of North Lakes.
Both Jim and Sue, who are considering retiring, have decided that it is time to move on.
Jim and Sue are considering taking up residence in a self-contained villa apartment in a local Retirement Village and have many queries regarding their proposed purchase including:
- Do we own, lease or licence the villa?
- What is the ingoing contribution (purchase price)?
- Is the ingoing contribution refundable in whole or in part when we leave?
- What exit fee is payable when we leave?
- What security of tenure is offered by the scheme operator of the retirement village and is our ingoing contribution protected by mortgage or other document?
- What general service charges are payable during the occupation period?
- What facilities are offered, for example, pool, gym, reading room, dining facilities, etc?
- Will the villa retain its value over time and if any capital gain is made on a resale do we enjoy any part of that gain?
You may be in a similar position to Jim and Sue and need to know your rights under the Retirement Villages Act (Qld) 1999.
At Cooke & Hutchinson we have been providing advice to clients in respect of Retirement Villages and Aged Care Facilities for decades.
We encourage you to seek legal advice before we commit to signing any Residence Contract or other documentation relevant to your proposed new abode.
Please feel free to contact us on (07) 3284 9433 and ask for Gary Hutchinson or Constance McClymont.