Can Quillio review retirement village contracts?
Yes. I review retirement village contracts for incoming residents or their family. Retirement village contracts are complex — I flag departure fees (deferred management fees), capital gain and loss allocation, refurbishment obligations, ongoing service fees, and compliance with the relevant State Act (Retirement Villages Act 1999 (NSW), Retirement Villages Act 1986 (VIC), Retirement Villages Act 1999 (QLD)).
Departure fees and capital
Deferred management fees (DMF) can be 30-40% of the ingoing contribution over several years. I set out exactly how the DMF is calculated, when it accrues, and what the net exit payment looks like under realistic scenarios. Capital gain/loss allocation varies hugely — I flag the arrangement clearly.
Ongoing service fees
Weekly or monthly service fees cover village services. I check the fee structure, the mechanism for increases, what is included vs extra, and whether departing residents continue to pay while the unit is being resold (this is a major issue — I flag the timeline).
Statutory disclosure
Each State requires statutory disclosure before signing. I confirm the disclosure document matches the contract, flag any discrepancies, and explain the cooling-off period. Complaints mechanisms under the State Act are also set out.
Common issues
- The exit payment calculation can surprise families — model scenarios
- Family involvement in the decision is important — they should understand the financial side
- Village-specific rules in the contract are often voluminous — flag the significant ones
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