An Occupation Right Agreement (ORA) is a legal document that defines the rights and obligations of a person who wishes to live in a retirement village in New Zealand. In this agreement, a person purchases the right to occupy a dwelling unit in a retirement village or a care facility for a certain period. The ORA governs the relationship between the resident and the operator of the retirement village.
The ORA is a complex legal document that covers a wide range of topics, including the rights and responsibilities of the resident and the operator, the fees and charges associated with living in the retirement village or care facility, and the conditions for terminating the agreement. It is therefore important for anyone considering entering into an ORA to seek legal advice before signing the agreement.
The key features of an ORA are:
1. The right to occupy the premises: The ORA grants the resident the right to occupy a specific dwelling unit within the retirement village or care facility for a specified period. This right is subject to certain conditions, such as payment of fees and adherence to the rules and regulations of the retirement village.
2. Fees and charges: The ORA sets out the fees and charges associated with living in the retirement village or care facility, including the purchase price, ongoing service fees, and exit fees. It is important for the resident to fully understand these fees and charges and how they will be calculated before signing the agreement.
3. Services and facilities: The ORA outlines the services and facilities that will be provided to the resident, such as access to communal areas, meals, and health care services. It is important to ensure that the resident`s needs are adequately catered for in the ORA.
4. Termination of the agreement: The ORA sets out the conditions under which the agreement may be terminated, such as the death of the resident or breach of the terms of the agreement. It is important to fully understand these conditions before entering into the agreement.
In summary, an ORA is a legally binding document that governs the relationship between a resident and the operator of a retirement village or care facility. It is important for anyone considering entering into an ORA to seek legal advice, fully understand the fees and charges associated with the agreement, and ensure that their needs are adequately catered for in the agreement.