First stage of retirement village legislation amendments to commence on 1 February 2019
The first stage of the retirement village legislation amendments introduced by the Housing Legislation (Building Better Futures) Amendment Act 2017 will commence on 1 February 2019.
Scheme operators will recall that the new behavioural standards for scheme operators and residents, along with the statutory buy back provisions, commenced on assent (10 November 2017) with the balance of the amendments commencing in two stages.
The first stage of amendments commencing on 1 February 2019 impacts the pre-contractual disclosure process, access to village operational documents, the reinstatement/renovation of units following a resident’s departure, resale valuations for the sale of a resident’s right to reside and the ability for regulations to prescribe certain obligations regarding public safety equipment in retirement villages.
In particular, these amendments include:
Scheme operators should familiarise themselves with the new provisions moving forward so that they are complied with from 1 February 2019. There are transitional provisions which will apply to retirement villages existing as at 1 February 2019.
Should scheme operators require any more information or advice with respect to the new amendments and what they mean for the operation of your village, please contact Tracey Rundle or Ivan Orola from our Property team.