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  • 6 Peterborough Lane, Central City, Christchurch 8013 PO Box 21095, Edgeware, Christchurch 8143

    Tel +64 3 365 8355 Fax +64 3 365 8356

    RETIREMENT VILLAGE DISCLOSURE STATEMENT

    [SECTION 30 (1) (a) RETIREMENT VILLAGES ACT 2003]

    PARKWOOD RETIREMENT VILLAGE 99 BELVEDERE AVENUE WOODLANDS

    WAIKANAE 5036

    DISCLOSURE DATE: 20 JULY 2018

    OPERATOR: PARKWOOD TRUST INCORPORATED

  • CONTENTS PAGE NO

    Parkwood Trust Incorporated – Disclosure Statement page 2

    INTRODUCTORY STATEMENT OF INFORMATION ...................................................................... 3

    COOLING-OFF PERIOD AND CANCELLATION FOR DELAY ...................................................... 3

    INFORMATION ABOUT AVOIDING OCCUPATION RIGHT AGREEMENT ............................. 5

    PART 1 – OWNERSHIP, MANAGEMENT AND SUPERVISION .................................................. 7

    1(a) Ownership structure and occupancy rights ............................................................................ 7

    1(b) Resident’s interests in residential unit .................................................................................... 8

    1(c) Management arrangements for retirement village ............................................................... 12

    1(d) and (e) Statutory Supervisor .................................................................................................. 13

    PART 2 – STATE OF VILLAGE, SERVICES, CHARGES AND ACCOUNTS ............................. 14

    2(a) State of retirement village ..................................................................................................... 14

    2(b) Services and facilities at retirement village .......................................................................... 16

    2(c) Charges ................................................................................................................................ 20 Service and facility charges .......................................................................................................... 20

    Amounts to secure an interest in a residential unit ................................................................. 21

    Charges for a resident permanently leaving ............................................................................. 22

    Periodic charges payable by the resident .................................................................................. 24

    Maintenance and sinking fund contributions ............................................................................. 26

    2(d) Maintenance and refurbishment ........................................................................................... 26

    2(e) Financial accounts for retirement village .............................................................................. 27

    PART 3 – OCCUPATION RIGHT AGREEMENTS, TERMINATIONS, DEDUCTIONS, AND ESTIMATED FINANCIAL RETURNS ....................................................................... 28

    3(a) Cooling-off period and cancellation of Occupation Right Agreement .................................. 28

    3(b) Varying Occupation Right Agreement .................................................................................. 28

    3(c) Termination of Occupation Right Agreement ....................................................................... 28

    3(d) Deductions from payments by and to residents ................................................................... 30

    3(e) Estimated financial return on disposal of residential unit ..................................................... 31

    PART 4 – OTHER MATTERS ............................................................................................................... 31

    4(a) Details relating to certain security interests .......................................................................... 31

    4(b) Exemption from requirement to comply with code of practice ............................................. 31

    4(c) Responsibilities for insurance ............................................................................................... 31

    4(d) Moving into a rest home or hospital care institution in retirement village ............................ 31

    4(e) Effect of marriage, etc, on Occupation Right Agreement ..................................................... 32

    4(f) Financial assistance ............................................................................................................. 32

    4(g) Basis for working out prospective financial information ....................................................... 33

    4(h) No statement about entry into Occupation Right Agreement being safe or free from risk ... 33

    4(i) Matters required by Deed of Supervision ............................................................................. 33

    4(j) Documents to be made available ......................................................................................... 33

    PART 5 – SPECIFIC INFORMATION FOR INTENDING RESIDENT ...................................... 35

    PART 6 – APPLICATION FORM ........................................................................................................ 37

    APPENDIX 1 – PARKWOOD TRUST INC REGULATIONS ........................................................ 41

  • Parkwood Trust Incorporated – Disclosure Statement page 3

    INTRODUCTORY STATEMENT OF INFORMATION

    Important information for intending residents:

    (Below is a copy of the full text of Schedule 4 of the Retirement Villages (General) Regulations

    2006)

    Decisions about retirement villages are very important. They have long term personal and financial consequences. You should read this disclosure statement carefully. This disclosure statement draws your attention to some of the important matters you should consider before deciding to enter a retirement village. Ask questions. You must obtain advice from a lawyer independent of the operator of the village before you sign an Occupation Right Agreement (ie a document that confers on any person the right to occupy a residential unit within the village and specifies any terms or conditions to which that right is subject). It is common for there to be misunderstandings by residents and their families about:

    • the kind of legal interest that the resident has in the village; • what happens if the resident or their family wants to exit an Occupation Right Agreement; • the fees and charges that apply to entering, moving between units within, and leaving the

    village; and • the ongoing fees and charges. It is important that you and your family understand what is involved in entering into an Occupation Right Agreement to join a retirement village. Although in most cases you will have 15 working days to cancel an Occupation Right Agreement after signing it, you should consider the issues carefully before you sign any application form or agreement.

    COOLING-OFF PERIOD AND CANCELLATION FOR DELAY

    (Below is a copy of the full text of section 28 of the Retirement Villages Act 2003)

    (1) An Occupation Right Agreement must contain a provision allowing a resident (other than

    a person who is a resident solely because paragraph (c) of the definition of resident applies to that person) to cancel the agreement— (a) without having to give any reason, by notice given not later than 15 working days

    after the agreement is signed by the resident; and (b) if the agreement relates to a residential unit to be built or completed at a later

    date and the residential unit is not finished to the point of practical completion within 6 months after the proposed date for completion of the unit, by notice given at any time after the expiry of that 6 month period.

    (2) Notice of cancellation—

    (a) must be in writing and in a form that indicates (irrespective of the exact words used) the intention of the resident to cancel the agreement; and

    (b) may be given by the resident or any person authorised in writing by the resident to act on his or her behalf.

  • Parkwood Trust Incorporated – Disclosure Statement page 4

    (3) The notice may be given to— (a) the operator; or (b) the real estate agent or other person who dealt with the resident on behalf of the

    operator when the resident acquired an occupation right, unless the operator has notified the resident that the person has ceased to act on behalf of the operator; or

    (c) any person who the operator has notified the resident is a person authorised to receive communications on behalf of the operator.

    (4) The operator is entitled to reasonable compensation for services provided to the resident

    under the Occupation Right Agreement and for damage to a residential unit or any facilities in the retirement village for which the resident is responsible before the cancellation takes effect.

    (5) Despite subsection (1), an Occupation Right Agreement may contain a cancellation

    provision of the kind referred to in subsection (1) that is more favourable to the resident than the provision referred to in subsection (1), but, if the agreement fails to contain any provision of the kind referred to in subsection (1) or contains a provision that is less favourable to the resident than that provision, the agreement is deemed to contain the provision r