The implementation of the amendments to the Retirement Villages Act (“RVA”) has reached the next stage with 1 February 2019 being proclaimed as the commencement date for:
- The new disclosure documents; the Village comparison document and prospective costs document;
- The requirement for operators to maintain a website which can relate to more than one village scheme;
- The 21 day disclosure period;
- The new entry and exit condition reports;
- Additional information to be included in residence contracts; but no mandatory form contract as yet;
- Application of the new narrower definition of reinstatement work;
- Introduction of rules relating to renovation work;
- Amended definition of capital replacement fund contribution;
- Reduction in the time period for reconsidering an agreed resale price from 6 months to 3 months;
- Residents and prospective residents to be given access to prescribed “operational documents” which will be defined in regulations yet to be released; and
- The prohibition on misleading or deceptive conduct in relation to the operation of a village.
The prescribed forms for the disclosure documents, entry and exit condition reports and waiver form for the disclosure period are yet to be released.
This means that operators will have a lot of work to do over the next few months to ensure the new documents are prepared and staff are trained on the implementation of the new procedures.
CRH Law can provide assistance with preparation of the documents and training packages for staff.