If you are considering moving to a Retirement Village you should obtain advice as to the rights and obligations contained in the agreement you will be required to enter into. It is not the same as owning your own home. You may not be the registered proprietor of the land but be a tenant or a licensee.
Are you getting a title, a lease or a licence?
There are a number of different owners and operators of Retirement Villages and the structures of ownership, fees and charges can vary from Village to Village. There are also substantial fees payable when you leave the Village which may affect the choices you can make in the future.
What expenses are covered by the maintenance fees payable to the Village?
What additional expenses will you be required to pay?
What Deferred management fees are payable?
How are they to be calculated?
How long after you leave the Village will the Village have to repay the Ingoing Amount?
It is important that you understand what the consequences of your decisions are and the terms and conditions of your occupation of the Unit.
If you need advice in any of these areas contact Neville Windebank, or Mandy Greenlaw of our office who have more than 30 years and 27 years’ experience respectively to discuss the matter.
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