Sectional Title Ownership
Schonenberg Retirement Village is sold by sectional title. Sectional title is a form of property ownership commonly used in retirement villages and security developments. The purchaser will have a title deed making it possible to raise a bond. Owners will therefore have exclusive use of their houses or unit as well as the use of the club house and all other communal facilities in the Village.
Village Management Structure
The Schonenberg Retirement Village Body Corporate (SRVBC) has been established to manage the Village and to look after its operation. All Owners automatically become members of this Association which elects its trustees annually.
These trustees have the legal responsibility of running the affairs of the Village. Therefore no outsider may dictate to you, the villager, how the village will be run.
Amongst the most important functions of the trustees is the controlling of financial affairs of the Village. The trustees set and control the annual budget and set the monthly levies.
The cost of operating a retirement village is financed by its residents in the form of levies. The levy calculated for each house or unit is largely based on the final square meterage inclusive of garage, ensuring a fair distribution of levies amongst the various sizes of houses and units.
Monthly levies cover the costs of operating the village. These include staffing, primary medical care, security, insurance of all buildings and maintenance of all communal facilities and house or unit exteriors. Also included are the 15 meals per household per month. This ensures meals are served at an affordable price and guarantees the viability of the catering facilities.
Owners however pay for the interior maintenance of their own homes or units, insurance of their household goods, their own consumption of water and electricity, and rates and taxes due to the Local Authorities.
To assist potential purchasers to compare the levy structure of Schonenberg Village with other villages, the table below approximates what a home’s levy will include:
Levy Stabilization Fund
On resale of a unit, 5% of the resale price is paid to the Village Body Corporate for the levy stabilisation fund. This fund is controlled by the body corporate and is utilised to subsidise the levies. It therefore contributes extra funding towards the running of the village and the refurbishment of the complex.
Both dogs and cats are very welcome in Schonenberg Retirement Village. However, various conditions within the conduct rules will have to be strictly adhered to. A limitation of 2 small dogs or cats per house have been set and certain fencing conditions are required to contain pets and prevent them from wandering around the village unattended.
Letting of your Home or Unit
Owners not wishing to occupy their homes immediately are at liberty to lease to suitable tenants. All letting is subject to the written approval of the Body Corporate.
Re-Sale of your Home or Unit
The right to market the re-sales in the retirement village lies with the development company. The re-sale home or unit will be offered to those on a priority waiting list which will be managed by the development company. The development of a waiting list for re-sale purposes is of utmost importance to the village as it ensures that the sales value of all houses and units will be market related.
On transfer of the re-sale property, the Seller will pay 7.5% (plus VAT) of the resale price to the development company as a management, marketing and sales fee. In the event of this company not being able to sell the home or unit within a 3 month period after the unit becomes available, the owner (or beneficiaries) may appoint outside agents to sell the unit. In this case the amount taken from the re-sale will reduce to 4% (plus VAT) to the company.