The key requirements of a disclosure statement are described in Schedule 2 of Retirement Villages Act 2003.
Information you need to provide to intending residents
The key requirements of a disclosure statement include the following.
- The ownership structure of a village, management arrangements and the identity and role of the statutory supervisor (if applicable).
- Information about the state of the village, services and facilities offered, charges and frequency of billing, and the respective roles of the operator and residents in setting charges.
- Details about the cooling-off period and the right to cancel for delay provided for in Section 28 of the Act, and any additional cooling-off period or right to cancel for delay given by the occupation rights agreement.
- The occupation rights agreement and how it can be varied, arrangements for termination of an occupation rights agreement, deductions and the estimated financial return to the resident if they were to sell or dispose of a unit.
- Whether the holder of a security interest to whom Section 12(1)(b) of the Act applies has refused consent for registration of the village, and the effect of the refusal.
- Details about any exemption from the requirement to comply with a provision, or provisions, of a Code of Practice.
Only the form of the disclosure statement must be filed with us. Disclosure statements with personal information about particular residents should not be submitted to the Registrar.
Complying with the law
The disclosure statement is a requirement of the Act. All operators must issue compliant disclosure statements to intending residents before those residents can sign occupation right agreements.
A disclosure statement will also need to be lodged with us as part of the village's registration process.
Details of what should be included in the disclosure statement are outlined in Schedule 2 of the Act, the Code of Practice, and the Retirement Villages (General) Regulations 2006.