Compare Communities - Australia’s First Choice, when comparing Retirement Villages. Compare, select and save up to $15k in your next move in life. 1300 190 547
Compare Communities - Australia’s First Choice, when comparing Retirement Villages. Compare, select and save up to $15k in your next move in life. 1300 190 547
A Retirement Village Exit Entitlement is the amount of money that a resident is entitled to receive when they leave the retirement village. This amount is typically calculated based on the original purchase price of the unit or villa, minus any fees or charges that the resident may owe to the village.
The Exit Entitlement is an important consideration for anyone planning to leave a retirement village, as it can have a significant impact on their financial situation. In some cases, the Exit Entitlement may be subject to a Deferred Management Fee (DMF), which is a percentage of the original purchase price that is payable to the village when the resident leaves.
It is important for residents to carefully review the terms of their contract and understand the calculations used to determine the Exit Entitlement. This can help to ensure that residents receive a fair and accurate amount when they leave the village.
In addition to the Exit Entitlement, residents may also be entitled to other refunds or reimbursements, such as any unused prepaid fees or charges. These should also be carefully considered when planning to leave a retirement village.
The Retirement Village Exit Entitlement is an important consideration for anyone planning to leave a retirement village. By understanding the calculations used to determine the Exit Entitlement and seeking legal advice if necessary, residents can ensure that they receive a fair and accurate amount when they leave the village.
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