Selling a retirement village unit in QLD

[Gill Bates]

Any one got experience in selling a retirement village unit in QLD?

A real estate agent commented to get a solicitor experienced in retirement villages. I can see that lots of traps in buying process, but I thought selling process would be pretty straight forward. THANKS

 

[Scott No Mates]

Not my thing however depending upon how it is 'owned' there can be claw back provisions meaning that the village management gets a hefty % of the capital gains and may also be under exclusive agency agreement to sell the unit.

 

[Paul@PFI]

I assume this is independent living which is governed by state law. Some states have protection mechanisms that limit rorts and some don't have much. QLD is the national capital of RE scams so I would guess the RV issues are numerous too. The specific terms that apply to that property should be checked. Some allow any agent, some require their nominated agent who acts as a broker and some aren't even a title. You buy a right to occupy. And pay fees on top of the purchase cost - Without caps. Some keep a % share and others share after a agreed amount, some nil and most some.

Some of these places can be VERY difficult to sell and buyers can negotiate but are given the impression there is a queue and demand and price isn't negotiable.

Do your research - Some organisations that may assist are listed here and http://www.villagers.org.au/ http://www.seniorlivingonline.com.au/information/legislation.asp