LIFE RIGHTS OWNERSHIP
INVESTORS CAN SECURE LIFE RIGHT OWNERSHIP OF A QUARTET LIFESTYLE ESTATE UNIT FOR AN INVESTMENT OF BETWEEN R1,950,000 AND R4,500,000 AT CURRENT MARKET-RELATED TRANSFER VALUES
There is no transfer duty or VAT applicable to the transfer of a Life Right and occupation is immediate, following the payment of the full value of the Life Right and, the successful completion of the estate’s medical examination. Monthly levies are payable in proportion with the size of each unit. The levies cover the cost of the operational expenses of the estate and there are no management fees or commissions included in the levies. Levies are reviewed annually following a thorough budget assessment for the upcoming year.
1.
What are life rights?
Simply put, life rights give a buyer the exclusive right to live in a Quartet Lifestyle Estate unit and gives the life rights holder the security of tenure for the rest of their life.
2.
How are life rights regulated?
The process is clearly and legally regulated and protected by the Housing Development Schemes for Retirement Persons Act (HDSRPA) 65 of 1988, which states that life rights holders are entitled to the same rights they would have if they had entered in a registered long-term property lease.
3.
What happens if I pass on or decide to move?
When the occupant is deceased or chooses to move, the sale of the life right operates similarly to that of a house sale. The holder of the right will receive payment upon sale to the next holder, calculated at 77% of the sale value, which will be paid to their estate.
