Understanding Retirement Village Contracts With Danielle Lim
04 June, 2021
Contracts and the Retirement Village Act can be difficult to understand when you are looking into purchasing your new home in a lifestyle care community like Odyssey. To demystify the law, protection, and benefits available to you, Phil sat down with Danielle Lim, the Principal of DSL Law. You can watch the full video below.
How are you protected?
In terms of protection, there has never been a better time to be a resident at Odyssey! Odyssey operates under the Retirement Villages Act 1999 (not the Aged Care Act like most aged care facilities) and the Queensland Government has strengthened the law surrounding retirement villages in the past few years. Operators are now under stringent regulations with continuous checks and strong legal infrastructure, meaning there is no room for operator error and you are incredibly safe.
Whilst each retirement village operator is required to meet minimum standards, there are opportunities to go the extra mile and opt for greater resident benefits. In terms of Odyssey, Danielle states she “has never seen anything like it… there are so many benefits across the board.”
To read up on the Retirement Village Act, you can visit the legislation here.
The security surrounding your investment can sometimes be a concern, however, purchasing property in a lifestyle care community is generally no different to purchasing a home in the suburbs. Operators can offer different types of tenure, which is how to hold the property. Your type of tenure does not impact your investment security as that comes from the registered interest on the title.
Odyssey offers a version of a leasehold for its apartments, which gets registers on the property title.
Understanding Odyssey fees
Exit and deferred management fees are unique to lifestyle care communities. They are somewhat comparable to Body Corporate fees except not paid until the end of your stay. These funds are used to provide our community with extensive recreational facilities, restaurants, and cafes.
The amount you will pay will be outlined in your contract. If you are a prospective buyer, operators are legally required to give you a prospective costs document (PCD) within 7 days of your request.
Odyssey Lifestyle Care Communities have five financial models and actually offer the choice to not defer payments (should you wish)—we work closely with you to determine the best fit for your situation.
You can find out more about Odyssey’s costs and financials via our Frequently Asked Questions. If you require more specific and tailored information to suit you, we welcome you to visit our Robina Community for a one-on-one personal tour. You can arrange a suitable time to visit us by clicking here or calling 07 5551 6720.
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