Library hosts free legal session on buying into retirement villages

Sunshine Coast Libraries together with Suncoast Community Legal Service are hosting a free information session of the legalities of buying into retirement villages across the region.

On Tuesday 1 June, from 10 – 11am at Nambour Library, solicitor Adam Barrell from Butler McDermott Lawyers will demystify retirement villages and all that comes with buying into them.

Mr Barrell will cover a range of topics - from receiving a village’s Public Information Document prior to contract, to paying a Deferred Management Fee upon departure.

He will explain weekly fees and levies, discuss protections for residents and varied approaches to capital gain.

The following forms of tenure will also be discussed:

• Freehold
• Leasehold
• License
• Company title

There will be the opportunity to ask questions at the end of the session.

Julian Porter from Suncoast Community Legal Service said moving into a retirement village is not a decision to enter into lightly.

“Buying into a retirement village is often described as being a lifestyle choice rather than an investment,” said Mr Porter.

“But with most retirees committing the greater proportion of their asset base to the venture it still pays to go into such a transaction with your eyes open.”

Sunshine Coast Libraries Team Leader of Community Access Programs and Services, Jacqueline Walch, encourages the community to take advantage of this free information session.

“This legal workshop will benefit those people considering retiring to a village in the near future, as well as those already living in a village to better understand their current entitlements,” said Ms Walch.

Bookings are essential. Contact Nambour Library for more details on 5441 8332.