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A remarketing policy explains how an operator will market an outgoing resident’s residence, including the process, responsibilities, costs, and timelines.
The remarketing policy must:
- explain the remarketing process
- outline the rights and responsibilities of the operator and resident
- match the residence contract and disclosure statement
- be provided at least 10 business days before the contract is signed.
The remarketing policy must include:
Meeting and inspection information
- arrangements to meet with the resident or their representative to inspect the residence
- steps to explain the remarketing process during the meeting.
How the residence will be prepared for remarketing
- steps to identify and plan any work needed to prepare the residence for remarketing
- who is responsible for the work and who pays for it.
Pricing and advertising
- how the remarketing price is set and reviewed
- how and how often the residence will be advertised
- who pays for valuation, advertising and other costs, and how those costs are calculated
- a requirement to market the outgoing resident’s residence at the same level as any new residences.
Resident responsibilities
- any requirements the outgoing resident must meet during marketing.
Reporting to the resident
- a monthly report to the outgoing resident with:
- number of enquiries
- number of viewings
- number of other residences being marketed
- number of residences sold or relicensed in the previous month.
Sale and settlement
- steps to follow if the residence is sold or relicensed
- settlement procedures
- fees and charges and how they were calculated
- when the settlement statement will be provided.
Other requirements
Some requirements may not apply if:
- no exit entitlement is payable
- the exit entitlement doesn’t depend on selling the residence
- the sale will happen as stated in the contract without going to market.
In these cases, the policy does not need to include any sections that do not apply.
Notes: Previous arrangements allowing residents to stay in the residence until the exit entitlement was paid, or to appoint their own agent after nine months, no longer apply.
Contact the Retirement Village Unit
Email: retirementvillages@sa.gov.au
