There are many reasons why residents may need to move from their Villa including a change in health, family or financial circumstances.
To start the departure process, the resident is required to complete the Notice of Termination form provided by the Village Manager. The Notice of Termination must include the date the resident intends to vacate the Villa with a minimum of 30 days’ notice required to be provided by the resident to the Village Manager.
On the date of passing, the contract is automatically terminated. Oak Tree will be in contact with the family to complete the appropriate departure documentation.
When the resident vacates the Village, the direct debit payment for the General Service Charges will cease on the termination date (death of the Resident or vacant possession of the Villa provided to Oak Tree) of the Lease or Licence. The General Service Charge will then accrue for a maximum of 90 days and this accrued debt will be deducted from the Exit Entitlement payable to you (or your Estate) when the Villa is resold.
If the Villa is resold before the 90 days has passed, the General Service Charge will only accrue to the date that the new resident pays the Ingoing Contribution on for the Villa.
|100% of Weekly General Service Charge||No Weekly General Service Charge|
|Day 1 to Day 91||Day 91 onwards|
Oak Tree will be appointed as the “selling agent” to resell the villa to a new resident. The resident may appoint an external real estate agent (“selling agent”) to resell the Villa on their behalf. If the resident engages a selling agent other than Oak Tree, the resident must provide Oak Tree with the following information:
Any commission and marketing costs charged by the external real estate agent is payable by the resident. The external real estate agent engaged by a resident must comply with all the Village Rules and the Resale of Villa by External Agent Rules. The Village Manager can provide you and the agent with a copy of these Rules as required.
If the resident engages Oak Tree to resell the Villa, the resident will not be charged any selling fees, commissions or marketing costs to resell the Villa. As the selling agent, Oak Tree will use the following tools to resell the Villa:
Oak Tree will recommend a price based on recent sales in the Village and the current market conditions at that time. If Oak Tree and the outgoing resident cannot agree on a resale price, the services of an independent valuer will be required.
Oak Tree commits to keeping the resident (or their estate) up to date during the resale process. If Oak Tree is the selling agent, Oak Tree will provide an update of the resale progress every month including the following:
The Exit Fee is calculated on a daily basis being the period that the resident occupied the Villa for. The Exit Fee is payable when the right to reside in the Villa is resold to a new resident and is then deducted from the repayment of the Ingoing Contribution payable to the resident by Oak Tree (also referred to as the resident’s Exit Entitlement).
The calculation of the Exit Fee is contained in the Public Information Document.
Once the Villa is resold to a new resident, the Exit Entitlement is payable to the former resident within 14 days after the date on which Oak Tree receives the full payment of the Ingoing Contribution from the new resident.
The Exit Entitlement payable to the resident may include the following deductions:
If the Villa has not been resold to a new resident within a period of 18 months of a resident terminating their License or Lease, then the Exit Entitlement becomes payable to the former resident.
If the Exit Entitlement amount is to be calculated on the resale price of the Villa to a new resident, then the agreed resale value will be determined in accordance with the Retirement Villages Act 1999 (QLD).
If the former Resident has died and the Exit Entitlement becomes payable to the Estate of the former Resident, then Oak Tree must be provided with a certified copy of the Grant of Probate or letters of Administration of the former resident’s estate before the Exit Entitlement will be paid.
The share of capital gain or capital loss between the resident and Oak Tree will depend on the terms of the License or Lease entered into by the resident. For more information regarding the sharing of any capital gain or capital loss, please contact the Village Manager or refer to the Public Information Document.
When the resident vacates their Villa, the Villa will need to be reinstated.
The reinstatement costs are shared in the same proportion as the capital gain or capital loss is shared between Oak Tree and the resident.
Reinstatement works may include:
If the resident has made any alterations to the Villa, the resident may be required to remove the alterations to the same condition the Villa was when they took occupation of the Villa.
The cost of any reinstatement work to the resident will be agreed in writing prior to the work proceeding.
If you have any further questions regarding Oak Tree Retirement Villages please contact the Village Manager who will be only too happy to assist.
Oak Tree Retirement Villages is a group of villages aptly named, The Oak Tree Group. It is a privately owned, family company which was founded in 2004 to service the growing need for quality and affordable homes for Australia’s ageing population. Our aim is to provide real value for money for Australian seniors by continually setting the benchmark for delivering stylish, modern homes within retirement village communities. For more information about The Oak Tree Group please visit our corporate website.
If you or your loved ones are over the age of 55 (or if you have a partner who is) and you want a home that has a maintenance free yard, offers a range of convenient facilities, and you’re fit and healthy enough to live independently, then we would love for you to part of our Oak Tree community. Whether you are single or part of a couple, Oak Tree Retirement Village can offer the right balance of affordable living with the luxury of convenient facilities.
When you purchase a villa at Oak Tree you will purchase a licence to reside in your villa for life, rather than own the title to the property. When you purchase your villa you can live in the village and enjoy the community facilities for as long as you wish. Your rights are the same as if you owned the title of your villa. Our village is registered and operates in accordance with the Retirement Villages Act of Queensland and your tenure is 100% secure.
Make an appointment with our Village Manager who will provide you with additional information and answer any further questions you may have. Operators of retirement villages are required to provide intending residents with a Public Information Document (PID) that contains information about the facilities, fees & charges, maintenance reserve fund & capital replacement fund information, resident's rights & obligations, resale process, and village & accommodation information. You are required to sign a Resident Agreement as part of your sales contract.
You can keep your current home as an investment or choose to sell it. If you need to sell your house to raise funds for a new life in our village your contract with Oak Tree may be signed subject to the sale of your home. We normally allow 2-3 months for the sale to occur. If you don’t sell your home within this time frame then you, or Oak Tree, may elect to end the contract. If both parties agree you may be able to extend the contract, giving you the extra time you need to sell your home.
If you don’t want to miss out on buying your favourite villa you can reserve it with a $1,000 fully refundable deposit. Our Village Manager will work closely with you to ensure that the timing of selling your home and settling on your new villa flows smoothly.
You can customise your villa to suit your personal taste by making some changes to the interior/exterior. Please have a chat with your Village Manager first as you will need to get their approval. Oak Tree villas are built to a high standard so you can move straight in. You will need to budget for any additional changes you want to make to your villa.
Unfortunately no. Because you are purchasing a license to live in the villa, rather than a title (to own the property) you need to reside at your villa until the time you decide to sell.
All retirement village operators must work in line with specific legislation that protects the rights of residents, and because Oak Tree Retirement Village Yeppoon is located in Queensland we uphold the requirements of the Queensland Retirement Village Act 1999. In very broad terms, the purpose of this legislation is to clearly outline the rights and obligations of both residents and operators. It also aims to ensure that the operator provides you with enough information so you fully understand what those rights and obligations mean for you.
Oak Tree always places the interest and wellbeing of residents as a top priority. We are always here to answer questions and offer information upfront. You can contact us anytime or for more detailed information about the legislation, visit www.legislation.qld.gov.au or the Queensland Retirement Village Association website.
Since you are purchasing a license to live in the villa, rather than a title (to own the property), your villa needs to be re-sold to a new resident over the age of 55. The proceeds from the sale of your villa can then be passed on to your estate.
Notify your Village Manager that you wish to terminate your license to occupy your villa. Your villa will then be assessed to determine if any refurbishment work needs to be completed to “make good” your villa prior to it being advertised for sale. Oak Tree will work with you to help you decide on a price, usually in line with current market value, and marketing will commence to promote your home. Oak Tree can manage the sale of your property for minimal selling costs, or you may choose to use an external Real Estate Agent.
As your resident agreement will advise, you are required to return your villa to a similar standard to that in which it was when you first moved in (capital improvements such as additional fans, curtains, external awnings etc which you may have added are excluded). Refurbishment costs are resident costs. Exactly how much you will be expected to outlay really depends on how long you have lived in the village and the level of wear and tear on your villa.
Similar to a Real Estate Agent, Oak Tree will coordinate a marketing program to effectively market your villa to the public. Some selling costs may be passed onto the resident, payable at settlement. If this is the case, the costs will be presented to the resident for approval prior to the marketing program commencing. Oak Tree Retirement Village does not charge commissions, unlike an independent Real Estate Agent.
Similar to a body corporate fee, weekly service fees cover costs such as council rates, Village Manager wages, building insurance, upkeep of the village infrastructure, lawn & garden maintenance and administration. You will need to budget for additional personal expenses such as electricity, telephone, contents insurance and any other chosen services you may wish to connect to your villa, such as Foxtel or the internet.
Oak Tree holds an Annual General Meeting with the residents to discuss and review the village operational budget. Typically, the weekly service fee only increases in line with CPI (the general average increase of costs across all goods and services), and when other expenses such as council rates increase. Oak Tree is committed to maintaining an affordable village levy and continually investigates opportunities to maintain quality trades and service people at affordable rates.
Most retirement villages in Australia will collect an exit fee. An exit fee is collected when you leave the village. At Oak Tree Retirement Villages this fee is used to pay for major capital works and improvements to the grounds and facilities that you and other residents enjoy. Your Village Manager can explain to you how the exit fee is calculated and what options are available to you.
While Oak Tree is an independent living village and does not provide health care services, we do have strong working relationships with several registered care providers who regularly visit our village to attend to the care needs of our residents. Your Village Manager can provide you with the contact numbers and help coordinate an assessment to ensure you receive appropriate help, whether you need it now or further down the track.
You can access an emergency assistance line 24 hours a day, 7 days a week. If you want access to this service, simply let us know before you move into the village and we can ensure the system is installed and connected for you. There are different emergency assistance packages available. Your Village Manager can discuss these with you and help you to make the right decision to accommodate your needs. This optional service has a weekly fee, paid directly to the service provider.
While we have no formal links with aged care facilities, we can introduce you to local care providers who will arrange an assessment of you to determine your care needs. Unfortunately entry into an aged care facility is based on a level of need, rather then an automated entry based on the fact that you live in a retirement village. Oak Tree can however, help cater to your care needs by coordinating external care providers to visit you at the village and perform an assessment of you to help you get the care you need.
The Village Manager is there to ensure the village runs smoothly on a daily basis. They oversee all maintenance issues, ensure the village is running on budget, and look after the general wellbeing of residents.
Your pet is part of your family and welcome in the village. Oak Tree has a pet policy that ensures all residents, including non-pet owners, feel at home and relaxed in our village. Before you start your life at Oak Tree you will need approval from the Village Manager before bringing a pet into the community.
Guests are welcome to stay with you in your villa. We just ask that residents let the Village Manager know so he is aware some “new faces” may be seen around the village. Your grandchildren are more than welcome to join you in using the village recreational facilities, just as long as you have your eye on them or they are supervised by an adult.
You can rest assured your home and garden will be looked after and your mail is secure. All we ask is that you please advise the Village Manager of how long you will be away so a close eye may be kept on your home and belongings.
The common grounds will be maintained by the village staff in accordance with the village budget. However, if you are a keen gardener please speak to your Village Manager about helping to take care of the garden outside of your villa.