NSW Fair Trading has released a draft standard form contract for use in retirement village transactions in NSW. It is anticipated that the standard form contract will become available in mid-2012 and that its use will be compulsory for all retirement village transactions between residents and operators.
As with standard form contracts for the sale of land and the sale of businesses however, special conditions may be added to the standard form on the condition that such special conditions do not conflict with the standard form or the Retirement Villages Act 1999 (NSW).
The standard form contract will apply to all forms of retirement village transactions, including strata title, loan/lease, loan/licence and rental transactions. The existing disclosure statement will continue to be used and remains a prescribed document in all transactions.
Please contact our Retirement Village specialist Guy Vinden should you have any queries.