We guarantee to you that:
- Your house or apartment weekly service fees or contributions to the village will not alter during your tenancy, unless your level of care changes. This effectively means that expenses such as rates, insurance, outside maintenance of your house, or apartment, or gardens, are fixed for the period of your occupancy.
- All fees (such as the weekly service and village commencement and contribution fees) will cease when you leave the village, and will not be delayed until your unit is reoccupied.
- If within 3 months from the date of occupation, you decide that you no longer wish to remain in the village, we will refund your purchase price without any deductions for contribution or deferred management fees.
- Your financial security is covered by an Act of Parliament, the 2003 Retirement Villages Act. No-one - not us, a bank, or any other party or institution has priority over the village residents. We suggest that you confirm this with your solicitor.
Occupation Rights Agreement
You may be securing an Occupation Right Agreement (ORA) to an individual house, serviced apartment or a care or dementia unit. This is the most common form of occupation and ownership in retirement villages in New Zealand. The ORA entitles you (and in the case of a house or apartment, your spouse or partner, but conditions apply) to use the house, apartment, care or dementia unit until it is no longer appropriate for your care requirements and to have access to the village amenities appropriate for these facilities. The amount owing to you will be repaid (less any village contribution fee that remains owing) when you vacate your house, apartment or unit and the rights are transferred to a new occupant.
The interests of the village residents will be protected by a Statutory Supervisor (Covenant Trustees - a professional and well known trustee management company, that specialises in the retirement village industry) - who monitor our audited financial accounts and have a significant say over how we operate the village.
A code of practice applies to the day-to-day operation of the village and a code of rights outlines the rights and obligations of residents, village management and staff.
Weekly Service Fee
The following items are inclusive within the service fee:
- Insurance on your home or apartment - including floor coverings, drapes and fixed chattels.
- House and apartment property rates.
- Visual monitoring of the site.
- Building exterior maintenance (inclusive of fair wear and tear).
- The activities programme (apart from costs charged by other parties).
- Up-keep of common grounds and property.
- Care charges and meals for serviced apartments, if this has been arranged under your contract (i.e. it depends on the level of care and meals that you request).
This is paid monthly in advance by automatic payment.
Village Contribution Fees
On securing a house, apartment or care unit under an Occupation Agreement, there are ongoing fees that represent your contribution to the existing village amenities and facilities, the on-going management of the village, and the re-occupation and refurbishment of your house, apartment or care unit. These fees are deferred until you leave the village.
We guarantee not to change this fee while you remain in your house, apartment or care unit.