Residents
Select this page if you are a Retirement Village resident, or are considering purchasing a unit. Learn about our role as a statutory supervisor, our duties and obligations.
The statutory supervisor is appointed by the Operator of the village. However, our duties are set out in the Act and we are independent of the Operator. The Operator does not have any power to direct our work.
Our principle duties are:
- To provide a stakeholder facility for intending residents for deposits and progress payments
- To monitor the financial position of the retirement village
- To monitor the security of the interests of residents
- To monitor the management of the retirement village
The Retirement Villages Act (2003) puts many legal protections in place for residents, and intending residents. These are not all detailed here, but we draw residents attention to the Code of Residents Rights and the Code of Practice, and make them available here.
Village residents sometimes mistakenly think that we are their Advocate; this is not correct. Monitoring can result in us intervening in the management of a village, usually at the request of residents, and often because a service is not being provided in a satisfactory way. We often help resolve problems to the satisfaction of residents, but only in the context of commitments previously made by the Operator.
One of the most significant features of having a statutory supervisor is that we hold a first charge security over the retirement village’s land titles. This will take the form of either an encumbrance or a mortgage, and is held on behalf of all the residents in a village. In practice this stops the Operator selling or borrowing money against the land titles without our agreement.