We understand that our residents’ needs change. If living independently is no longer an option and you require the care of a nursing home or aged care facility, your Village Manager will work with your family and chosen healthcare professionals to help make your transition smoother.
We understand that sometimes circumstances change. If you choose to leave your villa, you will need to give appropriate notice (at least one month) to Oak Tree.
Our objective is to make the process easy for your family. We will deal with your executors in relation to the termination of contractual agreements and exit entitlement.
Your direct debit payments for the maintenance and management of your village will cease after you vacate. Any unpaid weekly fees will accrue for a maximum of 90 days (after you exit) and this accrued amount will be deducted from the exit entitlement payable to you (or your estate) when your villa is resold. If your villa is resold before the 90-day period passes, your weekly fees will only accrue up until the date that the new resident pays his/her ingoing contribution for the villa.
Oak Tree will use best endeavours to resell your villa should you choose to leave. You will not be responsible for costs incurred by Oak Tree for advertising, promotion or commissions. If your villa has not been resold within 6 months of your exit, you may choose to engage an external real estate agent to assist.
In the event you choose to engage an external sales agent, Oak Tree will work with your agent and provide any relevant village documentation to assist with a sale. Any commission and marketing costs charged by the external real estate agent will be payable by you.
Oak Tree will recommend a price based on recent sales in the village and the current market conditions at that time. We will continue to review the resale value of the villa throughout the resale process and seek your agreement if we propose any changes.
If we cannot agree on the resale price at any stage throughout the resale, the services of an independent valuer will be required.
As your selling agent, we are committed to keeping you informed on your villa’s resale. We will provide you with a monthly update covering:
When you vacate the village, you will be entitled to a payment which is referred to as your exit entitlement.
Your exit entitlement is calculated by reference to the amount you paid when you entered the village (your ingoing contribution), less the exit fee payable by you.
However, your exit entitlement may be increased (or decreased) if you are entitled to share in any capital gain (or loss) in the value of your villa. That will depend on the terms of your Residence Contract (because Oak Tree may offer different purchase options in different villages). There may be further deductions from your entitlement for outstanding costs. Please refer to the Village Comparison Document or Residence Contract for your chosen village.
Your exit entitlement is normally payable within 14 days of the date on which sale of your villa to a new resident is settled. However, if your villa is not resold within 18 months of your exit then Oak Tree must effectively pay your exit entitlement to you.
In the event of your death, your exit entitlement will be paid to your estate. In order to make this payment to your personal representatives, we will require a certified copy of the Grant of Probate or Letters of Administration.
Your exit fee is calculated on a daily basis in accordance with the terms of your Residence Contract. The Exit Fee is payable when the right to reside in the Villa is resold to a new resident and is then deducted from your exit entitlement.
This will depend on the terms of your Residence Contract. For further information please see the Village Comparison Document or contact your Village Manager.
Before you vacate your villa, you will need to reinstate it, which means that you will need to bring it back to the condition that it was in when you moved in – fair wear and tear excepted.
Once you vacate your villa, we may agree on further renovation works required before marketing can commence. These works may include anything that is considered additional to reinstatement. If we must undertake such works, we will agree on a time that they must be complete. We will share in the costs of any renovations in the same share as capital gain.
Further information regarding reinstatement and renovation can be found in the Village Comparison Document or Residence Contract.