When you move out of a village there will be a range of fees and charges payable which may include:
- deferred management fee
- refurbishment/renovation costs
- reserve fund contributions
- marketing and selling fees
- recurrent charges
Exit payments
An exit payment is money you are owed when you leave your retirement village home. It usually includes deducations such as departure fees and renovation costs. These deductions should be covered in your disclosure statement and your contract.
Information about eligibility and payments is available on:
Recurrent charges
You may still need to pay recurrent charges after leaving your village. This will be covered in your residence contract.
How long you must pay recurrent charges for will depend on the type of tenure you have.
Your operator must stop charging you when your home is sold or re-leased.
Owner residents (strata or purple title villages)
Your contract will require you to pay recurrent charges until your home is sold and settlement occurs.
For non-owner residents (lease/licence villages)
You must pay recurrent charges for three months after leaving your unit.
Deceased estates
The village operator must be given evidence of the resident’s death, or the unit being permanently vacated, whichever is later. This might make the recurrent charges payment periods longer.
The village operator may accept the following as evidence:
- Death certificate
- Grant of probate
- Letters of administration from a court
Other fees and charges
For more information about fees and charges, see: