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.