On 1 July 2014, the Retirement Villages Act 1986 (Vic) was amended.
The Acts and Regulations which amended the Retirement Villages Act, and a summary of the respective amendments introduced by each Act and Regulation are as follows:
Retirement Villages Amendment (Information Disclosure) Act 2013
This Act creates a new two stage process for disclosure by retirement villages to prospective retirees.
The first stage of disclosure requires a retirement village to:
- Provide to a prospective retiree a fact sheet, in the form approved by Consumer Affairs Victoria, within 7 days of request. The retirement village must also include a fact sheet with all commercial (advertising) material provided by them); and
- Allow a retiree to inspect retirement village “prescribed documents” such as the site plan of the village, plans for any premises under construction, any permits for further development of the village, statements presented to the annual meeting of residents, dispute resolution documents etc.
The second stage of disclosure requires the retirement village to provide to a prospective retiree:
- The residence contract;
- The new form disclosure statement in the form approved by Consumer Affairs Victoria; and
- Any management contract and village rules and by-laws.
Retirement Villages Amendment (Records and Notices) Regulations 2013
These Regulations set out the requirements for the new form of fact sheet and new form of disclosure statement to be provided by retirement villages to prospective retirees.
The Act also lists the retirement village information to be made available for inspection by prospective retirees.
Retirement Villages Amendment (Contractual Arrangements) Regulations 2013
These Regulations govern residence contracts by specifying:
- Matters which cannot be included in a residence contract;
- Matters which must be included in a residence or management contract;
- Prescribed terms which must be included in a residence or management contract; and
- Different templates for a residence contract, a management contract, a residence and management contract where the owner and manager are one entity, and a residence and management contract where the owner and manager are separate entities.
We can assist a prospective retiree with understanding their obligations before entering into any legally binding arrangement. We can also advise and ensure that all information required to be provided by a retirement village to a prospective retiree is legally accurate and complete.
Please call Armstrong Lawyers on 134 134 to discuss your Retirement Village Law matter.