Property Ownership and Title at Grace Gardens
Once you have completed your property search and chosen your villa unit or apartment, we require a $1,000 refundable holding deposit to secure it. If for any reason you do not wish to proceed, then your holding deposit will be refunded in full.
Choose a real estate agent to sell your house, and a solicitor to examine the contract and complete the sale on your behalf.
Property ownership of your villa unit or apartment can be made conditional upon the sale of your house and all the purchase monies (including the 10% deposit) for your new villa unit or apartment will be paid out of the proceeds from the sale of your house as security.
As retirement village law is an extremely complicated and specialised area, it makes sense to use a solicitor who is familiar with its various intricacies. We recommend you use a solicitor that is familiar with retirement law.
At Grace Gardens, each villa unit and apartment has their own individual property Title:
- You are able to live there as long as you want (provided you are well enough to look after yourself)
- You are able to sell your villa unit or apartment at any time and for any reason.
Security of property ownership
- The Retirement Villages Act 1986 protects you because a Retirement Village Notice has been lodged over the land on which your villa unit or apartment is situated
- At Grace Gardens (unlike many other retirement villages), you have the right to register on the property Title as the mortgagee and either you or your solicitor can retain the Title, therefore no one else can have any dealings with your property
- When you sell, you will automatically and immediately receive all of the proceeds of the sale, other than the Deferred Management Fee (DFM), assuming that the body corporate fees are up to date.
In other words, you are the only person who can:
- Sell your villa unit or apartment
- Live in your villa unit or apartment as long as you want
- Bequeath the proceeds of your villa unit or apartment to a loved one.