New standard form contract is mandatory from 1 October – David McElhone of MinterEllison provides a detailed explanation – every operator needs to be aware of the implementation dates and additions required

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In our video the NSW Minister for consumer affairs introduces the Retirement Villages Amendment (Standard Contracts) Regulation 2013. It prescribes Standard Forms for use in retirement villages, namely:
• a new general enquiry document – that must be in circulation by 15 Sept
• a revised disclosure statement – that must be in circulation by 15 Sept
• a new village contract – that must be exclusively utilised by 1 October
If these dates are not adhered to you cannot make a village sale. As David explains, there are a number of areas operators must review and possibly add to the contract or live with long-term consequences.
With NSW retirement village legislation historically followed by other states and given all the reviews currently taking place, this 20 minute video interview is vital viewing.

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