How it works
Purchasing a Waterbrook residence is a little different to buying a regular home.
At Waterbrook you will be entering into a 99-year Leasehold Agreement. The 99-year Lease is registered on Title and a Services Agreement is provided which is binding for the Operator of the Resort. There are also several NSW Department of Fair Trading laws which regulate Retirement Villages like Waterbrook, to ensure all Residents are protected. The Retirement Villages ACT 1999 and the Retirement Villages Regulation 2000 are the most relevant pieces of protective regulations for Residents.
There is no stamp duty applicable to purchasing at Waterbrook. To secure a residence, a deposit is required, which is held in our Solicitor’s Trust Fund which is fully refundable should you decide to change your mind prior to occupation.
Residents contribute to the day-to-day operations of the Resort. The contribution is classed as an annual levy and is calculated on a monthly basis. This budget operates as a not for profit account and is approved by Residents annually. It includes all staff, Resort operations, insurances, building maintenance and utilities (water and Council rates). Separate from this levy, Waterbrook funds the restaurant operation shortfall, capital maintenance expenses and other operational expenses that are not provided for as part of the Resident levy.
When a Resident vacates their residence, there is a fee payable, commonly know as an exit fee or departure fee. This fee typically provides a number of essential budgets:
1. A contribution to the maintenance fund which is established to fund major capital works.
2. It covers the expense of refurbishing the apartment once vacated in order to maximise the resale price.
3. The departure fee also provides for a management fee for the Resort group.