Le­gal ti­tles

Matamata Chronicle - - Golden Age -

There are four ba­sic le­gal ti­tles com­monly used for re­tire­ment vil­lages: Li­cence to oc­cupy Unit ti­tle Cross lease Lease for life. Some vil­lages com­bine the fea­tures of ‘‘li­cence to oc­cupy’’ with ‘‘unit ti­tle’’ to cre­ate their own type of ti­tle.

The Act re­quires all le­gal ti­tles to in­clude a ‘‘me­mo­rial’’ that pro­tects a res­i­dent’s in­ter­est in their unit and helps to en­sure the vil­lage’s con­tin­ued op­er­a­tion.

About three quar­ters of New Zealand’s re­tire­ment vil­lages of­fer li­cences to oc­cupy. A li­cence to oc­cupy gives you the right to live in the unit, but it doesn’t mean you own the unit. This usu­ally means that you can’t bor­row against the value of your unit, though some vil­lages may of­fer this op­tion.

In a vil­lage based on a unit ti­tle struc­ture, you own your own unit. You also be­come a mem­ber of a body cor­po­rate that is re­spon­si­ble for the up­keep and main­te­nance of communal ar­eas. Of­ten the body cor­po­rate has a man­age­ment agree­ment with the vil­lage man­ager (who is re­spon­si­ble for look­ing af­ter the day-to-day op­er­a­tion of the vil­lage) to ad­min­is­ter and look af­ter the af­fairs of the body cor­po­rate.

If you have a cross lease, you share own­er­ship of the land and its units, and grant leases to one an­other to live there. The leases in­clude agree­ment about the length of the lease, the use of the land, and the res­i­dents’ rights to live there.

In this case, you have a lease for a unit or prop­erty in the vil­lage, which re­mains in place un­til you die or leave the vil­lage. Some vil­lages also of­fer rental units. To be reg­is­tered To ap­point a statu­tory su­per­vi­sor

To pro­vide in­tend­ing res­i­dents with a dis­clo­sure state­ment, oc­cu­pa­tion right agree­ment and other im­por­tant doc­u­ments be­fore buy­ing into the vil­lage

To pro­vide a process for com­mu­ni­cat­ing with and in­volv­ing res­i­dents in the vil­lage

To pro­vide a process for han­dling com­plaints and dis­putes

The Act also re­quires all in­tend­ing res­i­dents:

To get an in­de­pen­dent lawyer to ex­plain their oc­cu­pa­tion right agree­ment and its im­pli­ca­tions be­fore sign­ing the agree­ment.

The Depart­ment of Build­ing and Hous­ing is re­spon­si­ble for the Re­tire­ment Vil­lages Act. For more in­for­ma­tion, read, down­load or or­der the book­let Think­ing of liv­ing in a re­tire­ment vil­lage on­line at the Depart­ment of Build­ing and Hous­ing web­site. The Reg­is­ter of Re­tire­ment Vil­lages is op­er­ated by the Com­pa­nies Of­fice. Use the reg­is­ter to check that a vil­lage is reg­is­tered and to search their re­quired reg­is­tra­tion doc­u­ments. vil­lages. When ask­ing ques­tions, re­mem­ber to think about your fu­ture needs and how they might change.

Sug­gests some im­por­tant ques­tions to ask about en­try, trans­fer, liv­ing and leav­ing costs as well as ques­tions about the vil­lage’s fi­nan­cial op­er­a­tions.

Lists many dif­fer­ent as­pects of the vil­lage life­style, from en­try cri­te­ria, lo­ca­tion and man­age­ment through to

Lists the steps to take when sign­ing up to en­ter a vil­lage.

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