What security do I have to ensure that I will receive a refund of their contribution balance when I want to sell, given that there is no title to the unit?

Posted , 11:41 pm · In

Pursuant to the Act, a statutory charge is automatically created over the whole retirement village land to secure the refund of the balance of the resident’s entry contribution. The charge is a first charge over the land and ranks in priority to all other encumbrances over the title. If the resident did not receive a refund to which they are entitled, the resident could apply to the Supreme Court for the sale of the retirement village land in order to obtain the refund. Residents of Blue Hills will have the additional security pursuant to the loan/lease arrangement that the resident will receive a refund of the balance of their entry contribution when a new contribution is paid for the unit (i.e. when
a new resident moves in to the unit and pays the resale price). Accordingly, the new resident cannot move in to the unit until the outgoing resident has received the refund of their contribution.

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