What is a retirement village?
A retirement village is a dwelling that is solely for retired persons, usually aged over 55 years and above, or not employed any longer. Usually, the residents’ of a retirement village have entered into a contractual agreement with the village operators to become either residents, or to get services.
Retirement village contracts
Retirement village contracts are entered into between the residents’ and the operators’ of the premises. This could either be a resident contract or a service contract or a combination of the both of them.
Standard Village Contract
The operator should provide a standard village contract and as with all contracts, a specialist is required. Falzon Legal has the best hands in handling contractual matters, ensuring that we guide you through every detail. The standard contract should contain the following details:
- Rights and obligations of the residents
- Costs the residents pay (services, facilities, entry)
- Services provided by the operators
- Charges for repairs, maintenance and alterations
- Departure fees
The operators have a duty to explain the content of the village contract once the document has been provided, and you have 14 days to review the contract before signing. It is still advisable to consult the solicitors at Falzon Legal to obtain independent advice.
Additionally, the operators may include more terms into the contract. However, these must be consistent with the terms in the standard contract provided. Some of the documents that must be annexed to the agreement are:
- A copy of the disclosure statement
- A checklist of the services provided
- A condition report (if required)
If you decide that a retirement village is not for you, or you are not quite ready to move into one, a cooling-off period of 7 business days after entering into the contract is provided and a full refund. This will only happen if you have not moved into the property.
Fees and charges
In entering into a retirement village, there are standard fees and charge that would be paid when you choose to live in a retirement village or when you decide to leave the retirement village. This normally would be indicated in the contract.