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RETIREMENT VILLAGES - A STANDARD CONTRACT FOR NSW |
Newsletter Article - 20 June 2012 |
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The NSW Department of Fair Trading is moving ahead with the implementation of a standard contract for retirement villages. Comments on the consultation draft closed on 18 May 2012 and it is anticipated that the final standard form will be published in the next couple of months.
The consultation draft shows the standard contract as a well structured, easy to read document with key commercial terms on the first pages and the standard terms setting out much of what would usually be expected such as 5. Alterations and Additions, 8. Village Rules and 13. Termination. There is a provision for Additional Terms relevant for a particular village. A copy of the consultation draft can be found on the NSW Fair Trading website. [http://www.fairtrading.nsw.gov.au/]
The standard contract will be mandatory for all new village contracts after it comes into effect and must be used by retirement village operators. The reform will be effected by amendments to the Retirement Villages Regulation 2009. NSW Fair Trading has confirmed that time will be given to operators to update their existing contracts.
Please click here to view a PDF version of this Newsletter.
To view the contact details of the entire TressCox Property team, please click here.
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