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Public information documents |
Before you sign a residence contract with a retirement village operator, the operator must give you a public information document (PID). The PID gives you vital information about the retirement village.
You may wish to seek legal advice from an independent solicitor on your rights and obligations under the contract. See residence contracts.
The PID must include information about:
- accommodation types
- the costs of units
- village facilities
- village land
- residents' rights and obligations
- fees and charges
- mandatory funds
- the resale process and exit entitlement
- exit fees
- financial information
- the dispute resolution process.
Inaccurate PIDs
When a village operator realises that their PID is inaccurate, they must update it as soon as possible.
Within 28 days, they must advise each resident likely to be affected. This includes any person in the middle of a cooling-off period or intending to sign a contract.
Operators can be fined $54 000 if they don't meet these requirements.
Last reviewed 07/12/2011 |
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