Protecting the interests of people who buy into retirement villages is the purpose of a law that took effect on 1 May 2007. The Retirement Villages Act 2003 means retirement village operators must ensure:

1. that prospective residents receive independent legal advice before signing any agreement
   
2. that the advising lawyer must explain the implications of the agreement to the resident
   
3. that the advising lawyer must witness the resident’s signature on the agreement.

If you, or someone you know, is considering a retirement village, things to consider – aside from the initial cost – include ongoing costs such as repairs and maintenance and also any costs that might accrue if there is a subsequent decision to sell. As well, if you do decide to sell, does the village operator have the right to be involved and can they put any restrictions on who you might sell to? And, generally, how secure is your long-term occupancy?

To provide the high standard of advice required under the new law, Cooney Lees Morgan has set up a specialised team. We can help you understand:

1. The status of the village under the new law
   
2. The ownership and management structure of the village
   
3. What amenities and services are included (for example, security provisions) and what are not
   
4. The financial implications over the lifetime of your ownership.

The new law requires you to obtain independent legal advice in order to protect your interests. The specialist team at Cooney Lees Morgan has been trained to ensure you receive the standard of advice you need.