Exit entitlement. 14.1. In this clause 14 and where the context permits elsewhere in this Contract, a reference to the ‘Resident’ includes a reference to a person, other than the Scheme Operator, who entered into this Contract for the purpose of giving someone else a right to reside in the Retirement Village.
Exit entitlement. Resale value of the licence to occupy When a resident’s license agreement with us finishes, the loan or license aggreement is resold to a new resident. The outgoing resident receives the balance of funds after the exit fees are applied. Exit fees At Karidis Retirement Villages we have a clear and easy to understand list of exit fees so you know what you will be required to pay when you leave. Exit fees are applied to the re-sale price, NOT the original buying price. The benefit here is that you have the opportunity to share in any capital growth. Deferred management fee (DMF) The Deferred Management Fee (DMF) is calculated based on the length of occupation. It increases by a set amount each year that you stay in your home for more than three years, when it is capped to ensure you still receive the majority portion. This fee is capped at 25%. Length of occupation DMF percent retained from resale price More than 90 days but less than 1 year 10% More than 1 year byt less than 2 years 15% More than 2 years but less than 3 years 20% More than 3 years 25% Other fees and charges • Capital fee of 1% per year up to 10 years of the resale price • Any refurbishment costs or cost associated in presenting your unit for sale • Re-marketing fee No stamp duty When you purchase a home in a Karidis Retirement Village, you will NOT pay stamp duty. Limited out-of-pocket expenses As a resident, you have control over paying for items and services such as: • Personal contents insurance • Electricity and gas • Private telephone calls • Upkeep or replacement of all personal items (e.g. fridge, furniture and washing machine) Some personal services, such as hairdressing, podiatrist, fitness classes and aqua aerobics are available at selected villages and are charged on a user pays basis. We are here to help. Our friendly team is here to explain the information contained in this brochure and to answer any questions you may have about our retirement living options. Call us today for a chat! 1300 796 311 xxxxxxxxxxxxxxxxxxxxxxxxx.xxx.xx @KaridisRetirementVillages Start living your retirement dream What are my costs? Information about the costs associated with moving into a Karidis Retirement Village. Acacia on Xxxxxxx, Community Centre Heritage-listed Catholic Church built in 1910 Well located across 11 sites near transport, shopping and services.
Exit entitlement. 16.1 The exit entitlement to be received by the Resident upon the completion of the resale of the unit or at such other time as may be provided by the Xxxxxxxxxx Xxxxxxxx Xxx 0000 shall be calculated as follows- CALCULATION OF EXIT ENTITLEMENT "Purchase Price" payable by the new Resident (excluding entry fee) $ Less Exit Fee in accordance with Clause 14.1 $ Less cost of reinstatement work (Clause 13.1) $ Less any other moneys owing to the Manager or Scheme Operator in accordance with Clause 15 $ Less Legal Costs in accordance with Clause 25 hereof $ NET Exit entitlement $
