The term "Retirement Village" has been used to refer to many different types of living arrangements for (predominantly) retired people in a village type situation.
The enactment of the Retirement Villages Act 2003 has brought control and regulation to the industry and sets in place some basic rights.
Village operators are required to :
· register their villages with the register of retirement villages
· make information available to residents and intending residents, including:
1. transparent financial information,
2. details of a meeting and dispute resolution process,
3. compliance with certain procedures for the protection of residents rights.
Each village must appoint a statutory supervisor to be the watchdog for the residents. Whether or not the residences have their own titles or a licence to occupy, there is protection of the residents right to live and to continue to live in the village.
It is a legal requirement, when purchasing a residence within a retirement village, to have independent legal advice. A solicitor must sign a certificate confirming their client has fully understood the terms and conditions of the village documents. Any explanation given by the solicitor must therefore be very clear so that there are no surprises once a resident moves into the village.
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