What is a Life Right?
A life right is a contract entered into where you, as a retiree, purchase the right to live in a home in a retirement village for the remainder of your life, and the developer retains the unit’s ownership. Upon your death or transfer out of the unit the right reverts back to the developer who will resell the right to the unit.
A couple can also enter into a life right contract. In this case, the right extends to both partners and is enjoyed until the death of the last surviving partner.
Retirees who enter into a life right contract are protected under the Housing Development Schemes for Retired Persons Act 65 of 1988 ( HDSRPA).
All our units are sold with life rights. On the death of the surviving spouse or the surrender of the life rights, 80% of the original purchase price is refunded to the estate or purchaser once the unit has been resold by the Quondam Village Trust.
Benefits of our Life Rights model
An affordable way of purchasing a retirement lifestyle
- No transfer fees
- No VAT or registration costs
- No sales commission
- Affordable levies
- Lower insurance costs, only household contents need to be insured
- You have a home for the rest of your life
- You can “lock up and go” freely
- Operational management of the village is provided by the Quondam Village Trust
- You have use of the village and club facilities
- You are part of the village and club communities
Levies
Levies cover administration costs, security, mowing of lawns, property rates, exterior building insurance and exterior maintenance.
Residents benefit from releases from the Levy Subsidy Reserve and the Capital Replacement Reserve which are funded from a portion of the proceeds of the resale of life rights.
Monthly levies range from R3500 to R4700.
