Life Rights

Life rights are a growing trend in South Africa and for good reason. A life right is a real right to occupy a specific property for the remainder of the holder’s life. They come with a host of benefits compared to conventional ownership.

Life Rights Holders are Legally Protected

Life rights are regulated in terms of the Housing Development Schemes for Retired Persons Act 65 of 1988. The act is intended to protect the rights of retired people and prevent exploitation.

No Transfer Duty

Unlike conventional ownership, acquiring a life right doesn’t involve any transfer duty or VAT.

Quick Registration

Registration is quick and easy because the new life right doesn’t need to be registered at the Deeds Office.

Estate Planning

When the life right terminates, the life right holder or the estate is simply refunded in accordance with the life right agreement. The funds are received much more quickly than they would be if the property was owned. No masters consent, heirs consent or deeds office registration is required to give effect to the termination and this helps speed things up considerably.

These are just a few of the benefits of the life right model. Faircape Life has many more unique features for residents to enjoy such as fixed levies that increase only by CPI, the benefit of moving into a newly refurbished unit and access to Healthcare deposit waivers and loans when transferring to Healthcare during one's termination notice period. Faircape continues to invest in its facilities to ensure it’s retirement schemes are not just well maintained but also in line with modern trends and technological advances.

For More Information

Contact: Candice Vietri (Sales Manager) Tel: 021 815 5700 Email: candicev@faircape.co.za Website: www.faircapelife.co.za