Yes and that is why you have family ,friends, and lawyers to help you out if you can't understand a contract. We're talking about a half-million $ transaction; why on earth would you not get help with understanding the contract if you can't understand it? My family has just been through this process. If you throw caution to the wind and sign without understanding the contract, including all entrance, exit, and on-going costs, then it is your own fault I would suggest.
I agree the exit fees are exorbitant so I'm not going to defend AOG or any other retirement company for setting them at that level, but it would appear to me that these exorbitant exit fees are unfortunately the norm in the retirement industry and within legislated guidelines. Hopefully the Government can legislate against such high fees i nthe future. I think it is also true to say that all residents signed contracts with full knowledge of these exit and other fees. To me this is a typical case of a small proportion of residents who simply do not want to take responsibility for their own actions and decisions. It's something we see far too often in society now; the "it's never my fault" attitude among both young and old alike. The example given in the SMH article is classic. Aveo, apparently out of the goodness of their own heart, give the partner of the unit owner the opportunity to be listed on the contract, yet the owner refuses to list the partner. Then the owner dies and subsequently the partner blames Aveo for refusing to allow him to live in an apartment he does not legally own. Aveo most likely have their hands tied legally because the owner as passed away.
It's also pretty desperate for reporters to target, and believe without question, residents who are apparently mentally unstable.
Given that around 90% of residents are happy with their life in an Aveo retirement village, and Aveo's mostly thorough responses to the 29 submitted questions by the reporters (many of which appear to be fabrications or distortions of the truth), I'm going to give Aveo the benefit of the doubt for now. I am, however, quite annoyed that Aveo was given the opportunity to respond to these questions prior to this report's publication, but chose not to.
Lots of "stock not held" shorters appearing; anything to scare holders into knee-jerk selling I guess.
What a ridiculous comment. At least be rational, shorter Maddy707.
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