A NEW streamlined standard contract and disclosure documents for retirement villages must be used when selling property or occupation rights to potential residents.
The new documents will make the move into a village easier and less stressful for retirees and their families.
Operators must now also give potential residents a detailed disclosure statement at least 14 days before they sign a village contract.
The old disclosure statement has also been simplified from 20 pages down to six so that residents can easily find the important information they need before signing their contract.
A new general inquiry document must also be provided if a potential resident, or someone on their behalf, contacts a village.
This document gives an overview of the village, its facilities, the type of accommodation available and a broad idea of the costs.
Member for South Coast Shelley Hancock said it is now a simpler process to compare villages and to choose one that best suits a person’s lifestyle and needs.
Mrs Hancock said 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.