Frequently Asked Questions - Lease Aspects
| What is a Leasehold arrangement? |
While you do not own the building or land, you lease the right to occupy the unit for the duration of the lease and that lease is registered with the Department of Natural Resources against the title for the property of the Village. You pay an interest free loan as an ingoing contribution for the duration of your lease. |
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| How long is the lease for? |
The lease is for the life of the lessee or, if a couple, the life of the surviving partner, subject to the resident's ongoing capacity for independent living. |
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| I have to sell my house first, how long do I have to achieve this? |
When you have selected your unit you will be required to pay a refundable Reservation Fee. For this fee we will hold that unit for you for a period of 90 days. If you do not proceed with the lease the fee will be refunded. |
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| How am I protected? |
After Residency Contracts are signed by you and the operator, an incoming resident has a 14 day cooling off period. Following occupancy, the lease is Registered with the Queensland Government against the title for the land. |
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| What documentation would I be required to sign? |
To take up occupancy, you would be required to sign (after seeking independent legal advice):
- an Application to Reside which, once signed by you and accepted by us, forms a resident contract and the 14 day cooling off period commences;
- a PID (Public Information Document) which includes a pro-forma of the lease documents and contains generic information about retirement villages and specific information about the particular Village;
- an Agreement to Lease;
- a Lease document which is registered with the Department of Natural Resources, Mines and Water; and
- a Loan Agreement - this details the terms and conditions of the interest free loan.
You will also be required to obtain a Certificate of Independent Legal Advice from your solicitor. |
| Why am I required to obtain a Certificate of Independent Advice? | This is to ensure that you fully understand your rights and obligations under the PID and the other agreements. |
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| What happens if I should decide to vacate my unit? | You give 1 month's written notice of your intention to surrender your lease. The repayment of your loan (taking account of any share of movement in capital value - if you have chosen this option), less your exit fee is paid at a time that is determined by the Option you choose. |
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