NSW minister for fair trading Anthony Roberts said the new streamlined standard contract and disclosure documents for retirement villages must be in place from today [1 October].
Mr Roberts said the new documents will make the move into a village easier and less stressful for retirees and their families. “The new streamlined documents will make it easier for potential residents to compare villages and choose one that best suits their lifestyle and needs. The standard contract was developed by a committee of experienced residents and industry experts.
“Operators must also give potential residents a detailed disclosure statement at least 14 days before they sign a village contract.
“The old disclosure statement has been simplified from 20 pages down to six so that residents can easily find the important information they need before signing their contract. A new general inquiry document must also be provided if a potential resident, or someone on their behalf, contacts a village. This document gives an overview of the village, its facilities, the type of accommodation available and a broad idea of the costs.
“Operators risk severe penalties if their contracts are not in the standard form with a potential fine of up to $55,000 and the risk of not being able to enforce the contract.”
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