Retirement Villages Intending Residents
RVIR Trust
The RVIR Trustees do not give advice on any Retirement Village or recommendations, they give a 'researcher view' on the facts forwarded to the Registrar of Retirement Villages by the Village Operator.
Buying into a retirement village is different from buying a house in town, it is complex, and villages vary in their accommodation, support, management, legal and financial structures.
Before you choose a village, think about what you need to live a good life.
There are several legal titles used in Retirement Villages.
License to occupy: This gives you the right to live in the unit/house, without ownership rights.
Unit Title: In a village with a unit title structure, you 'own your own' unit/house title.
Cross Lease: If you have a cross lease, you 'share Ownership' of the land and the units, and grant leases to one another to live there.
Lease for Life: In this case, you have a ‘lease’ for a unit or property in the village, which remains in place until you die or leave the village.
Source NZ Government brochure