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Reforms to Retirement Village Laws

Important changes to the Retirement Villages Act and Regulation came into effect on 1 March 2010. The changes include:

  • annual management meetings between operators and residents
  • annual safety inspections
  • a settling-in period for new residents
  • reducing the recurrent charges payable by a former occupant after vacating
  • encouraging operators to keep recurrent charge increases at or below the rate of inflation
  • increasing operators’ accountability for budget deficits
  • ensuring urgent repairs are carried out quickly
  • cutting red tape for smaller village operators
  • improving the way residents committees operate and making it easier for more residents to be involved
  • giving residents the right to make reasonable alterations to their dwelling
  • better protection of refund entitlements for residents who do not have a registered interest in their dwelling.

Of specific significance are the changes to safety and emergency management procedures:

 “All village operators are required to prepare written safety and emergency procedures and take reasonable steps to ensure that residents and staff are familiar with such procedures. Operators are also required to conduct a safety inspection at least once each year and report back to residents on the findings of these inspections.”*

For further information regarding these changes visit http://www.fairtrading.nsw.gov.au/Tenants_and_home_owners/Retirement_villages/ Reforms_to_retirement_village_laws.html

 

*Source: NSW Government, Fair Trading

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