OCA - Oceania Group - retirement villages

[Joshuatree]

They usually buy up well before the official inclusion is my understanding.

[Beagle]

Index inclusion is not a done deal yet.

[warren]

In that case they should have no issues including the 6 month buy back clause.
No clause,no Percy.Simple as that.

Well now it seams to me that if OCA is prepared to pay the estate interest after 6 months that is a sign of good will and generosity AND confidence.. I think that is very fair. Nobody I know will buy back property after 6 months! But to offer interest, well, that's great

[percy]

The unit is owned by OCA.
They sold a "right to occupy".
OCA retain ownership.
It should therefore be OCA's problem, should they fail to resell a "right to occupy" within 6 months.
Paying interest just moves the goal posts onto the estate,which has no rights to sell the 'right to occupy',therefore there must be a time limit put in place .
This out come is not in OCA's clients best interest,which leaves OCA open to regulators,as per The Austalian Banks scandal.

[warren]

The unit is owned by OCA.
They sold a "right to occupy".
OCA retain ownership.
It should therefore be OCA's problem, should they fail to resell a "right to occupy" within 6 months.
Paying interest just moves the goal posts onto the estate,which has no rights to sell the 'right to occupy',therefore there must be a time limit put in place .
This out come is not in OCA's clients best interest,which leaves OCA open to regulators,as per The Austalian Banks scandal.

Percy OK thanks. Why don't we approach Earl or Liz for an answer. I have every confidence that OCA is totally moral and honest. What has been the OCA deal with ----for example---- care suites up to now? I didn't have a clue but I'll tell you that when my loved mother passed away there was an occupier/buyer for her suite in less than 5 days (that, after all, is life) so the concept of 6 months didn't enter my head.
I need to know the existing situation and the proposed change/s spelt out in black and white then I can understand.
M. thanks.

[percy]

Percy OK thanks. Why don't we approach Earl or Liz for an answer. I have every confidence that OCA is totally moral and honest. What has been the OCA deal with ----for example---- care suites up to now? I didn't have a clue but I'll tell you that when my loved mother passed away there was an occupier/buyer for her suite in less than 5 days (that, after all, is life) so the concept of 6 months didn't enter my head.
I need to know the existing situation and the proposed change/s spelt out in black and white then I can understand.
M. thanks.

It is not what happens at present.
Like signing a very long term lease, you need to plan for the worse,hope for the best.

[dubya]

A good article about retirement villages. It appears Ryman and Arvida also pay interest after 6 months, and Metlifecare pays interest after 9 months.

https://i.stuff.co.nz/business/11204...re-the-catches

[percy]

A good article about retirement villages. It appears Ryman and Arvida also pay interest after 6 months, and Metlifecare pays interest after 9 months.

https://i.stuff.co.nz/business/11204...re-the-catches

Thanks for posting the link.
Certainly appears to me the retirement village sector is ripe for an Australian Banking type Royal Commission.
They must change, and at all times act in their clients best interest,rather than their own.
If they do not do it themselves, the regulators will make them.

[trader_jackson]

A good article about retirement villages. It appears Ryman and Arvida also pay interest after 6 months, and Metlifecare pays interest after 9 months.

https://i.stuff.co.nz/business/11204...re-the-catches

Ah yes, Ryman and Arvida... the true gold standards they say!

[Beagle]

Ah yes, Ryman and Arvida... the true gold standards they say!

Arvida policy

Deferred management fee of 7.5 per cent a year, capped at 30 per cent. Weekly fees are fixed for life and stop as soon as resident moves out. Interest paid to resident if unit takes longer than six months to sell.

30 % is right at the very top end...hardly a gold standard.

Speaking of slipping halo's, I thought RYM guaranteed to pay you out if they couldn't resell your unit within 6 months ? Can anyone else please confirm ?
What happened to that promise and why have they apparently changed it ?