Last Thursday our Warwick village hosted a seminar on the legislative aspects of purchasing and living in a retirement villa. We had an excellent roll up with many locals coming to hear from Stephen Fox of Fox Certare lawyers, experts in retirement village legislation.
Part of the idea was to simplify the explanations – purchasing a retirement villa need not be a complicated or stressful process. At Oak Tree we do our best to be as open and transparent as possible but independent advice is not only recommended but mandatory in all states and territories when purchasing a retirement villa.
Many people don’t realise that the purchase of a retirement villa can be, and normally is, dependent on the sale of the existing family home. If you are unable to sell your home or if you change your mind along the way, the contractual relationship ends – WITH NO PENALTY. Unlike traditional real estate purchases, you cannot lose your deposit (normally only $1000) – it is fully refundable if , for whatever reason, the transaction does not complete. This gives people comfort that they cannot get caught out – nice to know if you’re contemplating a major lifestyle change of this magnitude.
Call us for a chat if you are confused about the process or the legalities of purchasing a retirement villa. Our Village Managers are there to assist you through the process at your pace and timelines.
We welcome the opportunity to speak with you and show you around.
Until Next time