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.
All retirement village operators must work in line with specific legislation that protects the rights of residents and because Oak Tree Retirement Village Park Avenue 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 interests 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.
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.