New NSW retirement village contracts

The NSW government has introduced a new streamlined standard contract and disclosure documents for retirement villages.

NSW Minister for Fair Trading, Anthony Roberts, said the old disclosure statement had been cut from 20 pages down to six to help residents quickly find the important information they need before signing their contract.

“The new streamlined documents will make it easier for potential residents to compare villages and choose one that best suits their lifestyle and needs,’’ he said.

Operators must also give potential residents a detailed disclosure statement at least 14 days before they sign a village contract.

Operators risk severe penalties if their contracts are not in the standard form with a potential fine of up to $55,000 and the risk of not being able to enforce the contract.

National Seniors Australia made submissions on the standard contracts in NSW and WA and has also done work on the Queensland retirement village review.