Frequently Asked Questions, Answered
- What is an Occupation Right Agreement?
- How does the Occupation Right Agreement protect a resident’s financial interest?
- What is a Statutory Supervisor?
- How do I apply for residence?
- What happens if I change my mind after signing the Occupation Right Agreement?
- What happens should I wish to move out of the village?
- Will I be able to transfer to another home?
- What does the village outgoings fee pay for?
- What security is be provided?
- What is the policy on pets?
- Will friends or family be able to stay with me?
- How involved do I need to be?
What is an Occupation Right Agreement?
Your Occupation Right Agreement gives you the right to live in your chosen home for your lifetime, and also to enjoy the services and facilities offered at the village in accordance with the terms and conditions of the Occupation Right Agreement. To obtain this occupation right, the resident will agree to pay: a refundable entry payment; and a facilities fee contribution payable on the termination of the Occupational Right Agreement.
How does the Occupation Right Agreement protect a resident’s financial interest?
Your interests are protected by a Memorandum of Encumbrance, which is registered over the title of the village property and held in the name of the Statutory Supervisor. The Memorandum of Encumbrance is like a first mortgage over the land and acts as security to ensure performance of the village’s responsibilities.
What is a Statutory Supervisor?
A Statutory Supervisor is appointed to act as a “watch dog” over the village on behalf of the residents. The Statutory Supervisor has wide ranging powers available to protect residents’ interests and ensure we fulfil our obligations set out in the Occupation Right Agreement and under the Retirement Villages Act.
How do I apply for residence?
We want you to be comfortable with the knowledge that you have made the right decision for yourself based on all the information available. You will receive a copy of the village’s disclosure statement, Code of Residents Rights and Code of Practice.
When you have made the decision to buy into the village, you will need to complete an application form. On completing an application form, you will be asked to pay a holding deposit. The deposit will be held by the Statutory Supervisor. When the conditions (if any) as specified on the application form are met, you will be sent an Occupation Right Agreement for review with your solicitor before you commit yourself, or sign any documents. A settlement date will then be agreed.
What happens if I change my mind after signing the Occupation Right Agreement? You may cancel the Occupation Right Agreement within 15 working days of signing the Occupation Right Agreement.
What happens should I wish to move out of the village?
If for some reason, you choose to permanently move out of the village, then you give us notice to terminate your Occupation Right Agreement, we then remarket the occupation right and once the home is re-occupied we refund you the balance of the entry payment (after deducting the facilities contribution and miscellaneous costs, if any). The resale value will usually be based on actual similar resales that have occurred in the village. It normally takes about the same time to sell an occupation right in a village as it would to sell a home in the community.
What does the village weekly fee pay for?
A village weekly fee covers the day-to-day operating costs of the village. Some of the items this fee is used to cover are: general rates, water rates, insurance for all buildings, maintenance of the recreation facilities and exterior of all homes, lawn mowing and garden maintenance. You will be responsible for insuring your own personal effects and the cost of maintaining the interior of your home. A handyman is available to assist with any maintenance issues you may have for a reasonable fee.
Will friends or family be able to stay with me?
Yes! Your guests can stay with you (subject to certain conditions as outlined in the occupation right agreement) or visit and enjoy the facilities when accompanied by you. Your guests are welcome to also enjoy a meal in the Dining Room. Just as you would invite friends to socialise in your home, so you can in the facilities provided at our village.
How involved do I need to be?
The choice is entirely yours. Some residents like to be totally involved while others prefer to live quietly. Our villages are a community of similar-aged residents with varying interests and different circumstances, so you can decide just how much you want to be involved in the life of the village.