The process for leaving the retirement village should be explained in the contract that you are given and sign before you enter the retirement living community.
A resident may have to pay one-off or even ongoing fees after they leave, as part of the payment model for the purchase.
The contract should also explain:
- any payments the operator will make to the resident on leaving, such as returning part of the upfront payment amount or returning the bond paid, and
- when the payments will occur.
If residents own a title to their retirement home, their contract may restrict how, when and to whom they can sell.
The particular purchasing and payment model used may also impact the capital gains from the sale. In some contracts the village keeps all or part of the capital gain.
States and territories have specific retirement village laws
Different states and territories may have different rules about:
- contract disclosure statements and cooling-off periods, and
- residents’ rights and retirement village operators’ responsibilities under each different purchasing and payment model.
State and territory retirement villages laws also generally include dispute resolution requirements.