Basis of Occupation – Life Right
The right of occupation of the apartment is purchased in terms of the Life Right Agreement, which is regulated in terms of the “Housing Development Schemes for Retired Persons Act”. Kingshurst has its own Constitution () and provides for INDEPENDENT LIVING with additional benefits. The building is registered as a Non-Profit Organization, with reference number: 193-141 NPO
The Life Right Agreement is available,
• For people over the age of 60
• The right of occupation is for life (equivalent security as a Notarial Lease)
• The right of occupation if married, is for the life of the surviving spouse
• The life right is totally protected from creditors
A further advantage of life right is that no transfer duty and no registration fees are payable, as there is no title deed registration. A life rights scheme also provides financial security, as the Housing Development Schemes for Retired Persons Act No. 65 of 1988 guarantees the retired person’s tenancy in the life right scheme and protects the buyer’s investment.
Resale of the life right can be undertaken at any time chosen by the life right holder or on the passing of the remaining spouse. The proceeds from the sale of the life right and 50% of the gain less any costs and repairs to the apartment will accrue to the seller or their estate.