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| Housing Development Schemes for Retired Persons |
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These schemes usually have extraordinary features, which other developments don't have, such as a frail care centre or full-time nursing care, restaurant facilities, great emphasis on security, etc. There can also be certain stipulations, which make living in these schemes more attractive, like only allowing retired persons and spouses of retired persons to occupy the units so that they share common interests. In most cases these schemes are based on sectional title schemes, and can also be based on share blocks, club memberships or where the Minister, by notice in the government gazette, declares a housing development scheme. Retirement scheme units are usually sold on a so called 'life rights' basis, whereby a buyer is entitled to occupy the unit for as long as he lives. What happens when the buyer dies is normally regulated by the contract of sale between the buyer and the developer. A financial institution will not finance a 'life right' property. Just because a development is called a retirement scheme, does not mean that it is one. The Housing Development Scheme for Retired Persons Act 65 of 1988 regulates a retirement development, although certain developments do not comply with the exact specifications of the act. This needs to be disclosed to the buyer, although he will also still be covered by other acts such as the Sectional Title Act 95 or 1986 or the Share Block Act 59 of 1980. A purchaser should however be cautious when buying a life-right in a retirement scheme, which is not regulated by the Housing Development Scheme for Retired Person Act, as they will fall outside of the protection of the act. |
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