Once you have decided to purchase an available Apartment you will be required to;
- Complete and sign an Application Form to purchase the Occupation Licence for the chosen apartment. At this time a deposit of $5,000 will also be paid to hold the Apartment until any conditions such as selling your home are met, as specified on the Application Form. The deposit is held on your behalf by our Statutory Supervisor, Trustees Executors Ltd and is fully refundable on request. At this time you will also be given a copy of our Disclosure Statement, Complaints Procedure and Code of Residence Rights. If you are selling your home we initially give you three months to complete the process and this time frame can be extended if required.
- You will then be required to sign the Occupation Licence. This is the core purchase agreement to reside in the Village. You are required under the Retirement Villages Act 2003 to sign this document in front of your solicitor who is also required to certify that they have explained the Occupation Licence to you. This certificate is returned to us attached to the Occupation Licence.
- After signing the Occupation Licence you have a further 15 working day “cool down” period where you can decide not to proceed with the purchase. If you do not proceed your deposit will be returned with any bank interest earned whilst it was being held by the Statutory Supervisor.
- The purchase is technically unconditional after the cool down period has expired and any conditions on the Application Form are met, such as selling your home.
In most cases we will be refurbishing/modernising some or all of the Apartment that you are moving into. You will be involved in choosing items such as kitchen colours, wall colours, carpet and tiles. Depending on the extent to refurbishment required, it can take us up to 6 weeks before the Apartment will be ready.