You have decided you would like to live at Wanaka Retirement Village. The next step is to contact the manager, Su Anderson. She will take you through the process of purchasing an Occupation Right Agreement (ORA).
Intending residents must receive independent legal advice before they sign an ORA. The resident's lawyer must explain the general effect of the agreement and its implications, before the person signs it - in a way that is appropriate to their age and understanding. The lawyer must then witness the person's signature and certify that they have explained the general effects and limitations of the Agreement. If in some substantial way any of these requirements are not met, a resident can void the agreement.
After new residents have signed an ORA, they have 15 working days in which they can change their mind and cancel the agreement without giving any reason. The cancellation must be notified in writing. Once cancelled, the person will, on request, be refunded their deposit and all progress payments plus interest, within 10 working days after the request.
A change of circumstance
If, during the construction of Wanaka Retirement Village, a proposed resident is unable to complete the contract because of genuine health reasons, the deposit and any progress payments, plus interest, will be refunded.
Leaving Wanaka Retirement Village
The Occupation Right Agreement provides security of tenure although ownership of the villa or apartment remains with Presbyterian Support Otago. When it is time to terminate an ORA, a new Agreement for the home is then sold on the open market to a new resident. The vendor will receive the sale price less the Village Contribution, which is based on the time they have lived at Wanaka Retirement Village, any money due and any costs incurred in finding a new resident. This contribution is 5% of the sale price of the new ORA (accrued on entry when you became a resident) plus 5% for up to four years (adjusted proportionately for part years) that they have lived in Wanaka Retirement Village, to a maximum of 25%. Legal and other costs associated with selling the apartment/villa will be the vendor’s responsibility.
Please refer to the ORA for full details about exiting Wanaka Retirement Village.
Purchase Prices for currently available Apartments and Villas
The prices for purchasing an Occupation Right Agreement for the right to live at Wanaka Retirement Village are listed below: