Real Estate Investor Magazine South Africa May/June 2019 | Page 26

RETIREMENT VILLAGES
Retire,
for Life
The Case for Life Rights in
your Retirement Village
THE BENEFITS OF LIFE RIGHTS
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No monthly bond repayments or rental costs as you make an upfront payment.
When you or your partner pass away, the surviving partner continues to live in the unit
You have a ‘real right’ in the eyes of property law and are guaranteed the right to live in the property
If you remarry, your new spouse may occupy the unit with you, but will not have any rights to the life-right
ownership
You act as a lessee, so any maintenance to the property is the responsibility of the property developer
Upon death of both owners, the purchase price is refunded, usually at 100%
Re-sale is the responsibility of the developer, so there’s no concern when it comes to selling the property
upon death of both spouses
Life Right proceeds can be nominated to a beneficiary (your children for instance) and doesn’t qualify for
the normal deceased estate rules and red-tape
MAY/JUNE 2019 SA Real Estate Investor Magazine