The NSW Government has developed a standard contract for retirement villages that is mandatory for village contracts. Retirement village operators must also provide prospective residents with the following documents before a resident signs a contract:
- General inquiry document
- Disclosure statement
General inquiry document
Retirement village operators must provide a general inquiry document within 14 days of receiving an initial enquiry from (or on behalf of) a prospective resident. The general inquiry document sets out basic information about the village, including the village type, costs to enter the village and the village facilities. The general inquiry document must also state whether village rules are in force.
An operator must provide a disclosure statement when a prospective resident expresses interest in a unit in the village or requests a copy. The disclosure statement is more detailed than the general inquiry document and contains more information on financial arrangements specific to the village and unit. It must be given to prospective residents at least 14 days before they can sign a contract.
The disclosure statement must include the main fees and charges that are payable under the contract. The NSW Fair Trading Retirement Village Calculator will also help you work out the estimated cost of living in a retirement village.
From 1 March 2018, the operator must also include an average resident comparison figure in the disclosure statement. This figure adds the main charges you are likely to incur when living at a particular village. It’s designed to help you understand and compare the financial cost of living in different retirement villages.
Go to the average resident comparison figure page to find out more.
Standard retirement village contract
The standard retirement village contract sets out residents’ and operators’ rights and obligations in a standardised format. The standard contract covers:
- residence rights
- entry costs
- the settling-in period
- recurrent charges
- services and facilities
- alterations and additions
- repairs and maintenance
- sharing of capital gains
- departure fees.
The prescribed documents below are mandatory:
- Condition report (DOCX, 45.43 KB)
- Retirement Village Contract: Non-Registered Interest Holders (DOC, 287 KB)
- Retirement Village Contract: Registered Interest Holders: strata scheme, company title or community land scheme (DOC, 283 KB)
- Retirement Village Contract: Registered Interest Holders Assignable Registered Long-Term Lessees (DOC, 285 KB)
- Retirement Village Contract: Registered Interest Holders Non-Assignable Registered Long-Term Lessees (DOC, 300.5 KB)
- Retirement Village Contract: Non-Registered Interest Holders Assignable Registered Long-Term Lessees (DOC, 288.5 KB)
- Retirement Village Contract: All Interest Holders (DOC, 338.5 KB)
- Retirement Village General Inquiry Document (DOC, 56.5 KB)
- Retirement Village Disclosure Statement (DOC, 123 KB)
- Standard fees and charges table (DOCX, 18.41 KB)