Retirement Scheme Development

Question 1

Main Features of Retirement Development Homes

Answer 1

1. Frail care centre
2. Full time nursing
3. Restaurant facilities
4. Focus on security
5. Common interest because all generally in the same age range

Question 2

Legislation Pertaining to Retirement Homes

Answer 2

• Housing interests are reserved for retired persons – can only change upon consent of all holders of housing interests, or transfer granted to spouse
• A retired person is 50 years and over
• Housing Development Schemes for Retired Persons Act (may or may not apply to the specific property, even if it is advertised as a retirement home)
• Based on the Life Right (until death)

There may be exemptions based on developer’s decisons

Question 3

Restriction on receipt of consideration for retiremement Homes

Answer 3

• If developer sold housing interest to retired person they cannot accept consideration unless:
  a) Architect/quantity surveyor issued certificate of
  approval of completion
  b) Copies of this certificate and the contract have been
  furnished to the purchaser
  c) In case of sale of life-right, the attorney has issued a certificate stating the title deed has been endorsed to the effect that the land is subject to housing development scheme
• Copy of this also to be given to the purchaser