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.
All or part of your exit entitlement may become payable if you are accepted into a residential aged care facility and require such funding to move to your new accommodation. Please see the terms of your Residence Contract for further information.
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 recurrent charges 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 recurrent charges 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.
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 may 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). There may be further deductions from your exit entitlement for outstanding costs, please refer to the residence contract or contact your village manager for further information.
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 6 months after you provide notice and vacant possession of the villa, then Oak Tree must effectively pay your exit entitlement to you.
All or part of your exit entitlement may become payable at an earlier date if you are accepted into a residential aged care facility and require such funding to move to your new accommodation. Please see the terms of your Residence Contract for further information.
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 factsheet or contact your Village Manager.
Reinstatement work will be completed in your villa in preparation for resale. Replacement and repairs are undertaken to bring the villa to a marketable condition and we will provide you with written quotes for approval. We will share the reinstatement costs in the same proportion as we are to share in capital gain.
Further information regarding the resale process can be found in the Residence Contract.