Before Signing a Residence Contract
What documents and information can a prospective resident expect to receive before signing a contract?
If a person is considering moving into a retirement village, they will be provided with a number of important documents before they are asked to sign a contract, being the residence contract. It is important that after receiving these documents, that appropriate legal and financial advice is sought.
At least 10 days before a person enters into a retirement village residence contract, the operator of the retirement village must give the person a copy of the following:
- The residence contract;
- The disclosure statement;
- If the contract relates to a retirement village already established:
- The financial statements presented at the last annual meeting of residents and a written statement of any subsequent changes
- A copy of the minutes of the last 2 annual meetings of residents;
- The Residence Rules;
- The policy regarding remarketing of residences;
- Any Code of Conduct to be observed by the operator or residents, and
- Any other document prescribed by the Retirement Villages Regulations 2017 (SA)
See Retirement Villages Act 2016 (SA) s 22.
These documents should be read thoroughly and understood before signing the residence contract. Financial and legal advice should be sought at this time.
Some of these documents are outlined in more detail further in this chapter.
Before Signing a Residence Contract : Last Revised: Wed Jun 27th 2018
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