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Village Comparison Documents (VCD) explained

VCD

As part of the Queensland Government’s changes to the Retirement Villages Act 1999 (Qld) in February 2019, the Public Information Document (PID) has been replaced by a new Village Comparison Document and Prospective Costs Document to make it easier for prospective residents to compare villages and know the costs of entering, living in and leaving a village.


What is a Village Comparison Document?

A Village Comparison Document (‘VCD’) gives general information about a retirement village’s accommodation, facilities and services, including the general costs of moving into, living in and leaving the retirement village(1). It is intended to make it easier for residents to compare retirement villages.


What information must it provide?

The Retirement Villages Act 1999 (Qld) prescribes a single form for the VCD(2). Specifically, a VCD will require a scheme operator to provide information pertaining to such aspects of the retirement village as:

  • The nature of tenure of the units in the village, ie. freehold or leasehold;
  • How many units there, constructed or otherwise being developed;
  • Onsite facilities such as a library, swimming pool or gym;
  • Whether there is a residential aged care facility onsite;
  • The type of services available to residents;
  • Parking access;
  • Pets policy;
  • Costs involved in moving in, living in and exiting the retirement village; and
  • Insurance and financial status of the funds the operator is required to keep.

When must a VCD be provided?

A scheme operator of a retirement village is required to provide a VCD either within 7 days of receiving a request to do so or at least 21 days prior to entering into a residence contract with a prospective resident(3). Additionally, an operator must include a copy of the VCD with any promotional material given to a person, and publish the VCD on the village’s website(4).


When must a VCD be updated?

As soon as an operator becomes aware of a material change to any of the information in the VCD the document must be amended so that it contains the correct information(5). Within 28 days of an amendment of the VCD occurring, an operator must give the Chief Executive of the Department of Housing and Public Works written notice of the amendment(6). Other than the occurrence of a material change, the VCD will require updating at least annually as several items in the document refer to information for the ‘last financial year.’


For more detail regarding Queensland Retirement Village legislation and Operator obligations, see our earlier INSIGHT article: Regulatory requirements for new Queensland Retirement Village Operators. If you are a scheme operator seeking to ensure your Village Comparison Document is compliant, please do not hesitate to contact the expert RV team at Property & Legal.

 

1 Retirement Villages Act 1999 (Qld) s 74(1).

2 Retirement Villages Act 1999 (Qld) s 74(2)(a).

3 Retirement Villages Act 1999 (Qld) s 84(5)(a).

4 Retirement Villages Act 1999 (Qld) s 74(6).

5 Retirement Villages Act 1999 (Qld) s 74(4).

6 Retirement Villages Act 1999 (Qld) s 74(5).

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