The other, known as the Maintenance Reserve Fund is to be used for maintenance and repair in the village and is the responsibility of the residents. Each fund will be required to have a separate bank account and the amount of money in each account will be determined by a budget set out by the Operator. Service Charges General services are those provided to all residents in the operation of the village, including gardening and recreational facilities. The resident, out of the Maintenance Reserve Fund, contributes to these service costs. The Operator will be entitled to impose GST on these charges.
Personal services are optional services for the benefit, care or enjoyment of a resident.
There is no limit on the cost of these services in the Act. The legislation does not provide for compulsory buy-back of units. However, it sets out the sale process and the manner in which the sale price is to be determined. Residents wishing to sell units can employ Real Estate Agents after a certain length of time. The Act also discusses who has responsibility for reinstatement of units prior to sale, which can vary depending on whether the Resident has entered into an existing resident's contract or a new resident's contract, as well as other factors.