What is an ORA (Occupational Right Agreement) ?
The occupation right agreement (ORA) secures your home in an Arvida retirement community for life.
An ORA is a licence to occupy a dwelling in one of Arvida’s retirement communities, whether that be a villa, apartment, serviced apartment or care suite. The ORA sets out yours and Arvida’s obligations and creates the right for you to live in your dwelling.
The entry payment varies, depending on the type of home you choose.
If you move into your new home and find you’re not happy, and no more than 90 days have past, we will refund your money in full, without a Deferred Management Fee deduction from the entry payment. Note: this refund doesn’t apply if you take the ‘move now, pay later’ option.
In New Zealand there is significant legal and consumer protection for ORA payments, including the Retirement Villages Act, the Retirement Commissioner and the Retirement Villages Association (of which we are a member and our CEO is on the Executive Committee). The final amount to be paid back to each resident is also protected by our Statutory Supervisor, who holds a secured first charge over the village land protecting our residents’ interests.