Understand the village landscape before you take the plunge.

1. What are the main types of village available?

The main options are:

a. Freehold accommodation tenure - not common.
b. Leasehold.
c. License accommodation tenure. In freehold, you own the title deed for the property. A lease contract is mainly used by the private village operators; you receive a registered lease on the village title. The license contract is predominantly used by not-for-profit operators; you make a loan to the operator and receive a license to live in the village. Most villages in Australia are either lease or license.
d. Company title, where the resident receives a share in the company that owns the real estate of the village which share gives the resident the right to occupy a particular unit.

Be aware that the Retirement Villages Act varies depending which state you are in. 

To learn more, please contact Graham Rushforth or Guy Vinden at Atkinson Vinden Lawyers at [email protected] or [email protected] or visit their website.