The WA Cook Government is the latest to expand its Retirement Villages Act, following the lead of other states and in particular NSW.
"Potential residents will benefit from clearer upfront information, and a 12-month exit entitlement payment deadline will ensure former residents receive their funds promptly, reducing financial uncertainty," said WA Commerce Minister Sue Ellery (pictured).
The changes that have passed State Parliament include:
-
Exit entitlements to be paid to holders of a lease-for-life, and compulsory buybacks of strata-titled properties within 12 months of departure;
-
Residents will be able to request financial assistance from village operators to cover aged care costs while awaiting the payment of exit entitlements;
-
A new retirement villages comparison website, similar to the website in Queensland, with clearer information; and
-
Clarifying the responsibilities of retirement village operators for maintenance of village facilities, and the responsibilities of residents to prepare their unit for resale.
Operators will be able to seek extensions for exit entitlement and buyback obligations from the Commissioner for Consumer Protection where necessary. The Duties Act 2008 will be amended to exempt operators from paying transfer duty in cases of compulsory buybacks.
Operators will have 12 months to prepare for the new time limit on exit entitlements and for new disclosure and contract requirements, with the new requirements expected to commence at the end of 2025.
Browse the #1 website villages.com.au and check availability for all retirement living and land lease resorts.
