Q: Why do I get a ‘Lease for Life’ rather than a Strata Title?
There are several benefits to entering into a Lease for Life Contract:
Because Strata Title legislation vests the ultimate control of the village property in the hands of the Council of Owners, it is much more difficult to assure village residents that the comprehensive terms of our Village Scheme can be maintained for the long term under Strata Title than it is with ‘Lease for Life’ secured by the provisions of the Retirement Villages Act (1992).
Your ‘Lease for Life’ entitlement to your home at an Arcadia Waters village encompasses much more than just an entitlement to a piece of real estate. It also entitles you to the ongoing benefits of the Arcadia Waters Village Scheme. This clearly sets out our responsibility for the diligent and efficient management of the village for its residents, to the provision of a comprehensive range of senior living services and facilities, the security of residents’ occupancy and to the financial arrangements for operations of the village.
Your investment in your home at any Arcadia Waters retirement community is protected under the Retirement Village Act (1992), which also secures your investment, along with that of the other residents, as First Charge against the Village Title.