If you are a resident in a retirement living facility, you have signed a contract on agreeing to be part of the village.
The contract will stipulate your rights, the entry costs, the settling-in period, recurrent charges, services and facilities, alterations and additions, repairs and maintenance, sharing of capital gains and departure fees.
If the retirement living operator sells to a new or existing operator during the resident’s tenure, the right and obligations stipulated in the contract signed before entry remains the same.
If the new operator wants to be involved in the management or control of the resident’s village, they must hold a meeting with the residents and any former occupants who still have entitlements under their contracts.
The meeting must be held at least 28 days before they become the operator. At this meeting the potential operator must report on their:
- financial ability to operate the village, and
- plans for the future management of the village, including any proposed changes.
The residents and former occupants must be given at least seven days’ written notice of the meeting.