Are you in the transition phase of your life? Looking to sell your home and relocate to a retirement village? This is a very important time of your life. You need a caring and professional legal team to assist you with this transition.
Each Australian State and Territory has specific legislation that regulates the operation of retirement villages.
The main purpose of the legislation is to protect the interest of residents and prospective residents.
There are at least eight different legal structures, namely:
– Long-term lease requiring an up-front capital payment
– Direct ownership as freehold or community title
– Indirect ownership via shares in a company or units in a unit trust
– Ownership of a manufactured home structure and subsequent lease of site
– Lease agreement to pay regular rental payments instead of an up-front capital payment.
The different structures can have different implications and raise different issues in terms of legislation, stamp duty, GST, service charges, responsibility for refurbishment and capital replacement costs, security of tenure, termination and vacating the premises.
Other legislation may also apply, in regard to strata title, community title, companies and securities, manufactured home or tenancy arrangements.