Signing up

So you've chosen a retirement village? Now it's time to sign up. In this section, you'll find out how.

The information in this section is based on the Retirement Villages Act 2003. You'll find information on:

• Getting the documents
• Getting independent legal advice
• Cancelling your agreement

Use our signing up checklist - it sets out the things you should consider and the steps you need to take before you sign on the dotted line.

Getting the documents

The village manager must give you the disclosure statement, occupation right agreement, the Code of Residents' Rights and the Code of Practice before you sign up.

Keep copies of these documents and any other material you get. And make sure that anything extra you agreed to is included in your occupation right agreement.

Getting independent legal advice

An independent lawyer must explain the occupation right agreement and what it means to you before you sign it. The lawyer is required to explain the agreement in a way that's appropriate to your age and understanding, then witness your signature and certify that they have done this.

Make sure:

• You choose a lawyer with experience in retirement villages
• You get an estimate or quote from the lawyer for their fees
• You know if the terms of the agreement can change and if so, how
• You've read and understood the disclosure statement
• You ask your lawyer if you have any worries, doubts or questions

Cancelling your agreement

After you pay your deposit, the village's statutory supervisor will hold it until the settlement date, or until you cancel the occupation right agreement during the 'cooling-off' period.

There are three situations in which you can cancel the occupation right agreement after you've signed it. In each of these cases, the village will refund the amount you paid plus interest, less payment for services you used and any damage caused if you lived in the unit during this time.

• You can cancel the agreement during the 'cooling-off' period. This is a minimum of 15 working days from when you sign the agreement. The length of the 'cooling-off' period must be stated in the disclosure statement.
• You can cancel the agreement if the unit hasn't been built within six months of the unit's proposed completion date stated in the agreement.
• You can cancel the agreement in certain circumstances if you discover substantial breaches after you've signed it. In this case, the village must also refund any other costs you've had to pay, such as legal and removal expenses. Substantial breaches include:
  
  • The village not being registered
  • The disclosure statement or occupation right agreement not containing all the required information
  • An independent lawyer not certifying that they had explained the agreement and its implications to you and then witnessed your signature.

For more information about cancelling the agreement, look at the Guide to the Act.