Costs and Ownership

Contract Types & Tenure

Securing your property at The Terraces is simple. All you need is a $5,000 reservation fee, after which you will be given a contract and the time required to review it thoroughly. The contract will explain in detail the type of ‘tenure’ you will have for the property. At The Terraces we offer a Strata Agreement. As with any legally-binding agreement, it is strongly recommended you consult a solicitor. If at any point before signing the contract you decide not to go ahead with the purchase, your $5,000 reservation fee is fully-refundable.

Ongoing and Outgoing Fees

In addition to the purchase price, there will be an ongoing service fee or levy to cover the day-to-day operating costs and the upkeep of the village. Lendlease does not make a profit from this levy. When you sell your property, you will need to pay a Deferred Management Fee (DMF), also known as a ‘exit fee’. All of the costs will be explained to you by your Sales Manager and are outlined in the Prospective Costs Document that will be provided to you when you are ready to take that next step.

Village Management Structure

The Terraces has a village manager who is onsite during business hours and is responsible for the day-to-day administration of the village. If you have any questions or concerns, your village manager will endeavour to address them as swiftly and mindfully as possible. You are also encouraged to have a say in how your village is run by sharing any ideas you may have with your village manager.