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What does a retirement village contract usually cover?

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The contract will stipulate the terms and conditions of your right of occupation and your financial commitments, including:

  • an accurate description of the premises;
  • your right to access any common facilities and village services;
  • payment of a capital sum by you upon entering into the contract;
  • return of any capital to you when you cease to reside in the village and how that is calculated;
  • payment of ongoing contributions, what is covered and how those payments may change over the term of the contract; and
  • bonds, guarantees or other security.

 

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