Retirement Villages - QLD

By Lawyers are pleased to have published a new guide for Retirement Villages (QLD). With a separate matter plan, commentary, and precedents, the new guide is available as part of the Conveyancing (QLD) publication.   Buying a retirement unit The Retirement Villages (QLD) guide assists practitioners acting for buyers and residents. It sets out the practical steps of conducting a standard residence contract transaction, and highlights important aspects of the law that must be complied with. The commentary covers in retail the:

• relevant considerations when taking instructions and advising on a retirement village transaction, including its potential effects on the age pension and rent assistance from the Commonwealth government;
• types of residence rights, registered and unregistered, that are available to buyers and residents;
• types of entry payments that can be required under a residence contract, such as a purchase price or an ingoing contribution;
• stamp duty, goods and services tax and capital gains tax implications;
• the standard outgoings of a retirement unit that will be payable;
• important documents that must be obtained before advising on a residence contract, such as compulsory pre-contractual disclosure documents and financial documents of the scheme;
• necessary steps in entering and completing a residence contract.

Moving into, living in, and exiting a retirement unit The commentary further deals with:

• taking occupation of a unit, recurrent charges and other financial considerations during residence;
• the obligations of residents and scheme operators after moving into and during residence at the retirement village;
• ending a residence in a retirement village, including termination, the sale of the accommodation unit, exit fees, exit entitlements and sharing in capital gains or losses;
• available options to resolve village disputes such as mediation and applying to the Queensland Civil and Administrative Tribunal (QCAT) and appeals processes.

Practical precedents The guide also contains helpful precedents, including:

• Retainer Instructions;
• To Do List;
• Checklist of Important Considerations - Retirement Village; and
• Letter to Client Providing Advice on Residence Contract.

For detailed guidance on property transactions and additional relevant precedents, the Retirement Villages - QLD guide is best used in conjunction with the By Lawyers conveyancing and property publications: Purchase of Real Property (QLD) and Leases (QLD).