Retirement/Lifestyle Village Checklist
From Aged Advisor www.agedadvisor.com
Use this as a reference.
You may wish to either tick if it applies, add ‘yes’ or ‘no’ or give a personal rating
from 1-5 to help compare your options.
Social / General
Glossary of Terms
This is an organisation focused on helping retirees with the financial and legal obligations of entering into a retirement village.
COP – Code of Practice
This refers to a legal document that sits under the Retirement Villages Act 2003 called the ‘Retirement Villages Code of Practice 2008).
DMF - Deferred Management Fee
This is a cost paid after a resident leaves or terminates their unit in a village.
This document must be provided to an intending resident and normally accompanies an ORA.
LTO – License to Occupy
While this license gives you legal access to live in the unit or home you will move into. It doesn’t give you ownership of this space.
ORA – Occupation Right Agreement
This refers to the contract you sign with a village operator before you move in.
RORV – Register of Retirement Villages
The Registrar of Retirement Villages main function is to maintain the Retirement Villages Register.
RVA – Retirement Villages Association
A national membership body representing residents living in retirement villages
RVR or RVResidents Retirement Village Residents Association of NZ
A national membership body representing living in retirement villages.
To print a list of the questions go to Information/Infomation and Handy Hints