‘Buying’ into a retirement village is not the same as purchasing a family home, for example. You need specialist legal advice, as there can be some legal ‘fishhooks’ to get your head around. The following questions are designed to assist in your decision-making process:
Legal stuff
- Have you received and understood independent, specialist legal advice?
- Do you understand the Occupation Right Agreement (ORA) and Disclosure Statement?
- Which type of contract are you entering into? Licence to Occupy, unit title or rental, for example.
- Did you know you can cancel your ORA within 15 working days of signing? Remember: a verbal agreement isn’t legally binding.
- Has everything you’ve discussed with the village manager/salesperson been added to the ORA?
- What happens if the village is bought by another organisation, closes, or hits financial trouble?
Find more helpful articles about how to choose the best retirement village for you on our Knowledge Lab. Alternatively, download our checklist to help you on your search.
Updated: 13 Jul 2023