In 2017, the Queensland Parliament passed legislation which amended the Retirement Villages Act 1999 (Qld) (“the Act”). The amendments to the Act will take effect from 1 February 2019.

Changes to Documentation

Operators will no longer issue Public Information Documents. These will be replaced by a Village Comparison Document – Retirement Village Form 3 (“VCD”) and a Prospective Costs Document – Retirement Village Form 4 (“PCD”).

The purpose of a VCD is to give general information about a retirement Village to prospective residents and to help them compare Villages. Both existing and new Villages must have a VCD.

The purpose of a PCD is to provide particular information about the specific unit that a prospective resident may wish to purchase. It is intended to help the resident understand the costs of entering, living in, leaving the particular unit and any contract options that they may be interested in. It is expected that this information is personalised for each prospective resident.

Pre-Contractual Waiting Period

Operators will now need to wait at least twenty-one (21) days before entering into a Residence Contract with a prospective resident, after giving that person a copy of:-

  • the Residence Contract;
  • the VCD;
  • the PCD;
  • any by-laws; and
  • any additional contract that forms part of the Residence Contract (for example, a Lease or a Loan Agreement).

Failure by Operators to provide the necessary documents to the prospective resident or meet the timeframes as provided above will result in the Operators committing an offence which carries penalties under the Act.

If you would like further information about the changes to the Act and their effect on you or your family, contact one of our local experts today on 07 4963 2000 or via our online contact form.

Catherine Da Silva, Lawyer, Wallace & Wallace Lawyers

Catherine Da Silva
Business & Property

Related Articles

Buying or Selling Property
in Queensland

Buying or selling property is often one of the biggest decisions that most people will make during their lifetime as it often involves large sums of money.  The process of transferring ownership of property from the seller to the buyer …

Why use a Testamentary

Under a standard Will, the Will-maker generally leaves their estate directly to individuals, that is, usually their spouse (if their spouse survives them) and then ultimately to their children.  However, if after the Will-maker's estate is administered and those individuals …

Energy Efficient Buildings

The Commercial Building Disclosure Program The Commercial Building Disclosure (CBD) Program requires that the energy efficiency information of certain commercial office spaces be provided to prospective tenants or buyers prior to the relevant building being sold, leased or subleased. A …