There are several ways for people to own or occupy premises in a retirement village. People often occupy retirement villages under long-term leases.
Long term Leases
Under a long-term lease, the occupier is entitled to live in the property for a period of time pursuant to the lease (commonly 99 years). The property developer maintains ownership of the property but the lease can be transferred by the occupier. Beyond the lease agreement, a service agreement sets out the terms and conditions regarding the services provided. Long-term leases usually call for a trustee company to be appointed to take care of the financial aspects whilst a manager is appointed for day-to-day village management.
We Can Help
Ristevski Lawyers always recommends seeking legal advice whilst reviewing retirement villages and certainly prior to signing any documents regarding occupation. We can also assist you with interpreting the Retirement Villages Act 1999 and can provide you with a full understanding of your legal position.
Contact us to find out more or to arrange an appointment.