Retirement Villages/Lifestyle Villages & Form 2 Requirements

Where a property within a Retirement Village or Lifestyle Village does not have a separate legal title, a Form 2 Seller Disclosure Statement is generally not applicable.

These arrangements are commonly:

Leasehold interests, licence agreements, occupancy rights, resident agreements,

rather than a standard freehold property sale.

If there is:

No separate Certificate of Title
No registrable lot/plan
No freehold ownership being transferred

Then a Form 2 is generally not required under the standard REIQ sale process.

Important Notes

These types of transactions are often:

More legally complex
Governed by Retirement Villages legislation and contractual agreements
Not suitable for standard REIQ contracts in many circumstances

Process

If a Retirement Village or Lifestyle Village sale is identified:

Confirm whether there is a separate title attached to the property
If no separate title exists:
- Advise the client that a Form 2 is generally not applicable
- Recommend they seek advice from their conveyancer or solicitor
Do not proceed with a standard Form 2 order unless legal advice confirms otherwise

Recommendation

These matters can be directly referred to our in house Conveyancing Team for handling of the matter!