Moving into a retirement village can be both a stressful and
daunting time for everyone concerned. It is important to make the
transition process as smooth as possible to reduce stress for all
involved. Listed below is a short process that should be followed
before entering into a retirement village contract:
Find a suitable retirement village – there are many
retirement villages spread throughout New South Wales, and picking
the right one is important. Some are private facilities and some
are run by local churches. Choose one that supports the kind of
community in which you would like to live.
You should make contact with the retirement village manager to
discuss the costs associated with moving into a particular village.
After the initial fee, there will be ongoing fees and often there
are numerous hidden costs for the additional services provided
(e.g. cleaning, meals, etc.)
If you do find the right retirement village, you will be asked
to put down a deposit. This takes the property off the market for a
set period. At this time you will be given a Disclosure Statement
which sets out your financial obligations.
If you intend to sell your current residence to fund moving
into the retirement village, then speak to a real estate agent
about putting your property on the market as soon as possible.
Once you receive retirement village documentation from the
village or their lawyers, you should have these reviewed by your
legal representative. These documents are usually quite complex and
will generally require a person with sound legal expertise to
highlight any abnormal clauses. Seeking legal advice will also
allow you to manage the sale of your current property in a more
Once the retirement village documents are signed, these will be
returned to the village lawyers, pending the sale of your current
Once your current residence has been contracted to be sold, the
legal representative will then arrange for your current residence
and the purchase of your retirement village to occur
Before moving into the retirement village, it is important that
you document the condition of the retirement village unit before
settlement occurs. You should contact the manager of the retirement
to have a condition report prepared. This avoids any dispute on
your vacation of the premises such as cracked windows, broken locks
On completion of the sale of your current residence, cheques
will be drawn in favour of the retirement village to cover your
ingoing contribution to the retirement village. This will all occur
on the same day. Once this occurs, you will move into the
As a matter of house keeping, whenever you buy or sell property
it is important to update your Will. Ensure that you have a current
Will in place and if you already have a Will, ensure you have
updated it as part of your estate planning.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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There are several requirements that must be completed by an executor before the distribution of assets to beneficiaries.
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