Key Terms

Observatory Village is a registered retirement village under the Retirement Villages Act 2003, and certain requirements must be met when moving into a villa, apartment or care suite.
DISCLOSURE STATEMENT
This document outlines the village ownership structure, the condition of the village and its buildings, the services available, what happens when you terminate your Occupation Right Agreement, the charges payable by you, and your rights as a resident in the village.
OCCUPATION RIGHT AGREEMENT
This is a written agreement which gives you the right to occupy your villa or apartment. It is an agreement between yourself and the village operator, and specifies the terms and conditions which apply to your occupation at the village and the charges payable by you.
CODE OF RESIDENTS’ RIGHTS
This details your rights when you enter a retirement village.
CODE OF PRACTICE
This document sets out the minimum requirements that the village operator must ensure are carried out, in order to meet their legal obligations under the Retirement Villages Act 2003.
COMPLAINTS PROCESS
This document explains how to make a complaint and the process that will be implemented following a complaint.
CAPITAL SUM
This is the amount required to purchase the right to occupy your villa, apartment or care suite.
CAPITAL DEDUCTION
The Capital Deduction is for the provision of the communal areas and facilities around the village. It is an amount deducted from your Capital Sum at settlement when you leave your villa or apartment. The Capital Deduction amount is 30% of your Capital Sum and is amortised over your first three years of occupation for a villa or two years for occupation of an apartment or care suite. If you vacate your unit within this period, you will only pay the apportioned amount up to the date of sale. For full details, please refer to the Disclosure Statement.
ADMINISTRATION FEE
The Administration Fee is 5% of your Capital Sum and is deducted from your capital sum when repaid to you at date of sale.
REFURBISHMENT OF UNIT
When it comes time to sell your villa or apartment, the interior of your home will be refurbished as required. This ensures that your home will look at its best to attract another resident. The cost of the refurbishment is covered by the village operator, so it is at no cost to you. If the interior of your unit has been damaged during your occupation, and this damage is not attributable to fair wear and tear, then the cost of repairing this damage will be payable by you.
STATUTORY SUPERVISOR
The Statutory Supervisor is a company appointed by the village operator to protect the residents’ interests. They are responsible for ensuring your rights are upheld under the Occupation Right Agreement and the Disclosure Statement. Covenant Trustee Services Limited has been appointed as our Statutory Supervisor.