Retirement Village operators in South Australia (SA) have disclosure obligations when prospective residents request or show interest in a retirement living arrangement. In SA, retirement villages are governed by the Retirement Villages Act 2016 (SA) (‘Act’) and the Retirement Villages Regulations 2017 (SA) (‘Regulations’).
When a prospective resident intends to enter a retirement living arrangement, SA operators must provide the following documentation to a prospective resident within 10 Business Days (Business Days meaning any day except Saturday, Sunday or a public holiday):
a copy of the residence contract;
the disclosure statement – in the form prescribed by the Regulations;
if the retirement village is established, copies of –
(a) the financial statements presented at the last annual meeting of the residents of the village that may significantly affect the resident’s decision to enter the village; and
(b) a copy of the minutes of the last 2 annual meetings of residents of the village (if 2 or more such meetings have been held) or of the last annual meeting (if only 1 such meeting has been held);
a copy of the residence rules;
the policy of the operator to be applied for the remarketing of residences (the ‘remarketing policy’);
any code of conduct to be observed by the operator or residents; and
any other documents prescribed by the Regulations or Act.
Operators that fail to provide prospective residents with the above documentation within the specified timeframe, or that provide false or misleading information, risk penalties of up to $35,000.
There are other times, both during and at the end of a residence contract when additional documentation must be provided to residents by the operator, such as the premises condition report, a dispute resolution policy, and vacated premises report. For more information about your rights and obligations as either a provider or resident, contact our Aged Care, Retirement Living and Health team.
This is the first insights in our retirement village series, keep an eye out for our next insights, which will cover the disclosure obligations of providers in New South Wales.
This publication has been prepared for general guidance on matters of interest only and does not constitute professional legal advice. You should not act upon the information contained in this publication without obtaining specific professional legal advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication and to the extent permitted by law, Cowell Clarke does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting or refraining to act in relation on the information contained in this publication or for any decision based on it.