Aveo Live Well retirement villages offer different types of tenure schemes.
The most common form of tenure available in most retirement villages is leasehold tenure. A lease is, usually, for 99 years and is registered with the Titles Office, with you registered as the ‘lessee’. A lease terminates automatically on the death of the surviving resident or when a villa/apartment is onsold to a new resident.
Another common tenure scheme is the loan/loan-licence arrangement. This is quite similar to a lease, however it is not registered with the Titles office.
Some Aveo villages are freehold/strata title tenure – you purchase the accommodation unit and are registered on the title deed.
All retirement village purchasers are protected by the relevant state legislation. |