Statutory charges over retirement village land
Definition of a statutory charge
A statutory charge is a way to register an interest over a property. In this case, the charge is created over the retirement village land and secures each resident's right to:
- live in their unit
- use the village's facilities
- get paid exit entitlements when they leave the village.
Establishing a statutory charge
Once you register your village, a statutory charge is created and we will notify the Titles Office. The Titles Office will record the charge in the freehold land register.
Acquiring new land
If you acquire new land after a statutory charge is created, we will release the existing charge and create a new charge over both the original and new land.
You must notify us, in writing, within one month of acquiring the new land.
Getting a statutory charge released
If you no longer use land as retirement village land, you need to apply to have the statutory charge released.
You will need to:
- Give each resident, and any former residents who have not received exit entitlements, written notice that explains:
- you have requested the release of the statutory charge over the land
- how the release affects them
- their right to object to the release by writing to the department within 60 days.
- Give us a copy of the notice referred to above, together with a statutory declaration stating that you have met the above requirements and whether you are aware that a person intends to enforce the statutory charge.
We will consider the objections and decide whether to release the charge. If the charge is released, we will notify the Titles Office.