A Guide on How to Purchase Property in a Retirement Village
Would you want to move into a retirement village? If you do, you require the help of a retirement village lawyer to help you through the property buying process. In the excerpt below, you will learn the reasons why you need a lawyer's help when buying property in a retirement village and the considerations to make when hiring this lawyer.
Why Do You Require the Services of a Retirement Village Lawyer?
Buying a house in a retirement village is quite different from a conventional house purchase. It is especially so since houses in retirement villages do not have a freehold title. Your lawyer should assist with the following services.
Background research
The lawyer will evaluate the reputation and capability of the company selling the retirement home. Remember, the company will take charge of maintaining the shared amenities. Therefore, the company should have an excellent track record.
Property inspection and appraisal
Your lawyer will commission a property inspection to identify any defects that could compromise the house's safety. They will also appraise the property to ensure that it is priced within the market rates.
Living costs
Other than buying the property, you also need to know how much it costs to maintain the common property. Some retirement villages will have a non-refundable waiting fee, while others will charge you to enjoy amenities such as the tennis court or golf course.
Due diligence
The retirement village lawyer will examine the terms of living in the retirement village. For example, are you allowed to sell or renovate your property at will? Can you sublease your home? What activities are prohibited in the complex?
Terms of sale
The lawyer will bargain the cost of the property. Additionally, they will ensure that the contract of sale has favourable terms. For example, it should compel the company to conduct renovations and repairs. Further, it should prohibit the company from accepting offers from other buyers before the closing date.
Hiring a Retirement Village Lawyer
Before hiring a lawyer, assess their history to determine if they are experienced in the purchase and sale of homes in retirement villages. Retirement homes have a high demand. As such, assess the lawyer's availability to ensure they can close the deal in the shortest possible time.
Remember to ask about the lawyer's payment terms when hiring them. For instance, some professionals work on a no-deal-no-fee basis. It prevents you from incurring legal costs before you close the deal.
To learn more, contact a retirement village lawyer near you.
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