Published 18 June 2010
Building & Construction Minister Maurice Williamson said on Wednesday disclosure statements for retirement villages needed to be simplified to make them more useful for intending residents.
"Currently they carry a lot of complex information, and many are similar to a legal document in appearance & content. That can be confusing and doesn’t help intending residents to make informed decisions."
Mr Williamson made his comments after a 3-month consultation period on the style & content of disclosure statements. He said the fastest way to effect change was through education and helping operators to improve the presentation of their disclosure statements.
"Intending residents and their advocates clearly want the information provided in disclosure statements, but they want it to be in a form that is easy to understand. I have asked the Department of Building & Housing to work with operators to improve the structure & presentation of their disclosure statements."
Mr Williamson said he hadn’t ruled out a law change on the requirements of the Retirement Villages Act but first wanted to assess the impact of better information & support for operators.
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Attribution: Ministerial release, story written by Bob Dey for the Bob Dey Property Report.