The Grove is a registered retirement village under the Retirement Villages Act 2003 and as such all apartments are sold under an Occupation Right Agreement (ORA).
Each purchaser purchases the right to occupy their unit for as long as they live and pay an Entry Payment (the purchase price) for their unit and carpark. The details of this ORA will be supplied in full at time of purchase and each purchase is fully conditional until date of settlement.
New residents will pay a small deposit of $5000 to secure their unit until settlement. This deposit sits with the Statutory Supervisor (Covenant Trustee) in their trust account until the date of settlement and is interest bearing. Should any purchaser change their mind, for any reason, the deposit is refunded in full, including interest back to the purchaser.
Each resident will pay a monthly fee to cover the running costs of the village. This fee is fixed for the life of each resident and is set with each individual purchaser at time of purchase.
For full details please see the village Occupation Right Agreement, Disclosure Statement and FAQ’s supplied in The Grove sales pack.