|
FAQ |
 |
Frequently Asked Questions: (scroll down for full list)
Q: What are the regulations as to ownership? Q: What is the purpose of the Owners Corporation? Q: What are the management's obligations? Q: What are the owner's financial obligations? Q: What is the Monthly Service Fee? Q: Who has custody of Service Fees and Deferred Funds? |
Questions not answered? Just click here to email us your inquiry |
|---|
|
| Click here for more important questions and answers |
|
|
A: Yes Valley Village Mews was granted Accreditation by the Retirement Village Association of Australia in May 1997 and re-accredited in 2001, 2004 and 2006 and is currently accredited for a period of three years.
Q: What are the regulations as to ownership? A: As a general rule, all residents must be 55 years of age or over, if the owners are husband and wife, whether joint owners or not, only one needs to be of the minimum age. Family trusts for family members may also own a home. In this case the approved occupant/s must meet minimum age requirements. Each purchaser will receive a) Certificate of Title b) An undivided share in the common property c) Full use of the recreational facilities, subject to the village management agreement.
Q: What is the purpose of the Owners Corporation? A: The Owners Corporation Act 2006 provides for the management, powers and functions of owners corporations; and to provide for appropriate mechanisms for the resolution of disputes relating to owners corporations; and to ammend the Subdivision Act 1998 in relation to the creation of owners corporations. The Owners Corporation has delegated its powers and functions to a managing agent known as Dandenong Valley Retirement Village Management Pty. Ltd.
Q: What are the management's obligations? A: To provide maintenance to all community facilities, including furnishings, refurbishment, heating and cooling where applicable. To maintain all common grounds, paths, driveways, roads and all street lighting. To provide a 24 hour medical emergency call facility and insurance cover for all buildings and public risk insurance. To provide management staff to carry out administration and maintenance duties and to arrange for further regular ancillary services to be provided as required on a user-pay basis, such as hairdressing etc. The obligations of the manager are set out in the Management Agreement which forms part of the contract documentation.
Q: What are the owner's financial obligations? A: a) A monthly service fee being a contribution towards costs of maintenance and services provided. b) The Deferred Fee payable at resale or transfer. c) Restoration costs if applicable at resale or transfer. d) A resettlement fee of $4,400 at resale is applicable. e) A contribution towards the provision for Major Maintenance Fund of the village payable on the resale or transfer of the unit.
A: This is a fee which accrues during the period of ownership but only becomes payable when a home changes ownership/occupation. It is common practice in the Retirement Village industry to charge such a fee. The deferred fee is calculated against the selling price of the home at 2.5% for each year, or part year, of ownership. A maximum fee of 25% applies for 10 years or more. Example: Take a residence which was originally purchased for $100,000 and was sold after five (5) years for $130,000. The 2.5% per year deferred fee on $130,000 would therefore equal: $3,250 per year x 5 years = $16,250.
Q: What is the Monthly Service Fee? A: This fee is payable monthly in advance and contributes towards the outgoings of the village. These costs are currently $248.40 per calendar month, per home plus GST. Anticipated annual increases will not exceed C.P.I. levels, in accordance with the Retirement Village's Act 1986.
Q: Who has custody of Service Fees and Deferred Funds? A: As discussed in the section “What is the Owners Corporation?', the powers and functions of the Owners Corporation have been delegated to the village management company and all fees remain the property of Dandenong Valley Retirement Village Management Pty. Ltd. or Valley Village Mews Pty. Ltd. The administration of the management company is conducted in strict accordance with the Retirement Village Act 1986 which requires an annual audit and an annual meeting with residents providing specified financial information.
Q: What is the Provision for a Major Maintenance Fund? A: This fund is maintained for the purpose of paying for items of major repairs, maintenance and renovations to the common property, the communal facilities, communal areas, and the external surfaces of any building or structure at the village, and which are not required to be maintained, repaired or replaced by any resident. The owner's contribution is payable when the unit changes ownership, and is calculated at the rate of 0.5% (plus GST) of the price on a resale of the unit, for each year or part of a year that has expired from the date the owner enters into the deferred payment deed with the company until the contribution is paid (subject to a maximum of 5% plus GST).
Q: How is the purchaser protected? A: Your decision to purchase at Valley Village Mews is protected by nine (9) key areas: 1) You remain the home owner with a title to bricks and mortar. 2) You can therefore retain an appreciating asset. 3) Your asset can be sold at any time. 4) Proceeds of this sale can be willed or transferred without delay. 5) To purchase, a $500.00 refundable deposit is all that is required while you arrange and achieve a sale on your existing property. 6) All associated costs of buying and selling are made known to you prior to signing a Contract of Sale. 7) At Valley Village Mews, Contracts of Sale provide special conditions for the sale of your own home first. 8) You will sign nothing at the village. All Disclosure Statements, Vendor's Statements and Contracts of Sale are forwarded to your solicitor to enable counselling before you sign anything. 9) Valley Village Mews is committed to village excellent in its high standards; Valley Village Mews, Stud Road, Dandenong is a member of and adheres to the code of conduct prescribed by the Retirement Villages Association. Valley Village Mews was granted Accreditation by the Retirement Village Association of Australia in May 1997 and re-accredited in 2001, 2004 and 2006 and is currently in the process of being re-accredited for a further three years.
|
|
|
| ©2009 Valley Village Mews - Phone (03) 9 793 3354 - Fax (03) 9793 7154 - Email villagemews@iinet.net.au - 112 Stud Rd Dandenong 3175 |
