Occupation Rights
A Ryman village charges for the Occupation Rights of an apartment, townhouse or
studio - by way of a lump sum Occupation Loan, which is repayable (less deductions
for Deferred Management Fees) when the unit is vacated, and another Occupation
Loan is received.
If repayment has not been made within 6 months Ryman in the past has invariably
made repayment itself. This is not guaranteed, but interest is payable after 6
months if the occupation loan is still outstanding.
Weekly Fee
For Independent apartments and townhouses, the ownership company charges the resident
a weekly fee for the rates, building (but not contents) insurance, gardening,
window cleaning, maintenance of the common areas, and outside maintenance of the
unit. This is usually around $70 per week.
In the case of Serviced Apartments or Studio units the weekly fee is at a higher
level to also reflect the payment of power, laundry, and cleaning of the unit,
plus care fees at either partial, full, or higher level - depending on the dependency
level of the resident. A schedule of these fees is available.
Deferred Management Fee
For Apartments and Studios there is a Deferred Management Fee relating
to the overall management and refurbishment of the Village. This is
basically 4% of the Occupation Loan, for a maximum of 5 years,
calculated monthly on a straight line basis (plus monthly pro-rata for
an incomplete year). The fee and the period that it is payable for,
remains unchanged during occupation and is terminated on permanently
vacating the unit.
Assistance with Finance
Ryman can assist residents with finance to purchase the occupation
rights of a unit. In some circumstances, occupation can be given prior
to settlement, where for instance, the resident is waiting for proceeds from the
resale of a previous house. Interest may apply.