RETIREMENT villages have grown in popularity due to the security and the "resort-style" living they offer.
Many of them now offer what's known as life rights, and there are some where you can only purchase a life right in the complex rather than buying a sectional title unit.
Here's what buying a life right in a retirement village means, how it differs from sectional-title ownership, and some things to consider so you can decide which of these two options is best for you.
WHAT IS A LIFE-RIGHT PROPERTY?
When you purchase a life right it means you purchase, for a lump sum, the right to live in a specific property in a retirement village for the rest of your life (or until you choose to leave). You only purchase the right to live there - you do not buy the property. The developer retains ownership of the property.
Couples can also enter into a life-right contract and the life right then extends to both partners and applies until the death of the last surviving partner, says Marina Constas, a specialist community schemes attorney and a director at BBM Attorneys.
You must be at least 50 to enter a life right contract.
Life-rights developments don't fall under the Sectional Titles Act, but under the Housing Development Schemes for Retired Persons Act 65 of 1988, which protects elderly people from buying into villages. It's also incredibly specific about what must be included.
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