Ensure you know the potential pitfalls

Understand the conditions and contracts before you sign anything

Retirement offers an opportunity to enjoy the activities you didn’t have time to enjoy when you were working full time or raising children. It also offers an opportunity to downsize your home and reduce the associated maintenance.

For older people looking to downsize, retirement villages and over-55’s lifestyle villages can offer the perfect solution. Many new villages offer an extensive range of facilities and activities suited to every interest, including pools, spas, gymnasiums, golf courses, bowling greens, restaurants and cafes.

If you are thinking about making the transition from your family home to a retirement village or lifestyle village, you will need to undertake two legal processes – selling your home and entering into a contract with your selected village.

Thankfully, buying and selling a regular home is a fairly standard process in NSW, with a standard conveyancing contract approved by both the Real Estate Institute of NSW and the Law Society of NSW.

However, there is no such thing as a standard agreement when moving into retirement living.

There can be huge variances from one village to the next regarding payment of bonds, purchase prices, exit fees, re-sale options, and moving from the village into assisted care should you require it at some later point.

Villages also have by-laws that govern the use of common areas of the village and your home. These include items such as fencing for your home, car parking, and other day-to-day maintenance matters.

In villages with assisted living facilities, you may also be required to have certain other documents such as a power of attorney or enduring guardianship documents in place.

Some of these matters are negotiable and some are not so negotiable.

You’ve earned a rest after a lifetime of work, so make a well-deserved choice. Once you have found the retirement village that you think will best suit your needs, and you sell the family home, speak with us.

At Bateys Family Lawyers, we’ll ensure you understand the conditions and contracts before you sign any legal documents. For peace of mind, contact us on 02 9792 1833 to discuss your individual circumstances