Purchasing a home
Occupation Right Agreement
An Occupation Right Agreement gives you the right to live in a villa or an apartment for your lifetime and enjoy all the services and amenities of the Village.
On termination of the Occupation Right Agreement a Village contribution is payable.
The Village contribution is calculated at 4.0 per cent per annum over the first five years of the occupancy, limited to 20% of the original purchase price.
Refurbishment, marketing and administration costs associated with the selling of the villa are included in the Village contribution.
Prior to entering into an Occupation Right Agreement you will receive the following documents:
- The Disclosure Statement
- The Occupation Right Agreement
- The Code of Residents Rights
- The Code of Practice
Professional Advice
You are required to get independent legal advice. A lawyer must explain the Occupation Right Agreement and certify that this has been completed. This a requirement of the Retirement Villages Act 2003.
Statutory Supervisor
The Statutory Supervisor for Gracefield Living is Covenant Trustee Company Limited. They are a independent professional organisation who act as the Village watchdog and have a Deed of Encumbrance over the assets of the village.
Weekly Fee
This fee will cover Village outgoings such as rates, insurance and other operating costs as well as services such as security, gardening, lawns, exterior maintenance, a 24 hour emergency call facility and Village transport.
Any increases to the weekly fee will not exceed the published CPI (Cost Price Index).
You will be required to pay for your telephone, electricity, gas, water, Sky and contents insurance in addition to your normal household and personal expenses.
Intending Residency
An agreement for Occupation Licence is required to be completed with a deposit of $5,000. This is forwarded to Covenant Trustee Co Ltd and held in trust until all conditions are satisfied and the home is available for occupation.
Should the agreement not proceed the deposit will be refunded.