This is the written agreement that grants any person the right to occupy a residential unit or villa within a retirement village and specifies terms and conditions which apply to that occupation.
Frequently Asked Questions
What is an Occupation Right Agreement?
Do I need a solicitor?
You must obtain advice from a lawyer independent of the village operator before you sign an Occupation Right Agreement. It is important that you and your family understand what is involved in entering into an Occupation Right Agreement to join a retirement village.
What are your weekly fees?
Our weekly village fee contributes to the daily running of the village. It includes things such as staffing costs, insurances, rates and maintenance of shared facilities and grounds. This fee differs between villages. Our village managers will be able to provide you with fee information.
What is a Deferred Membership Fee? How does it work?
The Deferred Membership Fee (DMF) contributes to the operational and financial viability of the village. The DMF accrues over your first 5 years in the village. The most you will pay is 30% of your entry price, however if you were to leave the village after say two years, you would be charged 12% of your entry price. You do not need to worry about paying the DMF over this time. It accrues against your entry payment and is deducted when you leave the village. It’s good to remember that MiLife also cover the cost of most repairs and maintenance within your villa. This isn’t a given at all villages, but we feel it is fair.