Retirement Living
LIFE LEASE APARTMENTS
Peace of Mind, Safety and Security
- Controlled access security
- 24-hour emergency response system available
- Fire alarm system includes full fire suppressing sprinkler system
- Summer and winter maintenance whether you are at home or away vacationing
Leisure and Social Opportunities
- Community within a community
- Independent, but carefree living
- Socialize with others in the comfort of the fireside lounge, or invite new friends to your own suite
- Take advantage of games room with pool table, shuffleboard and darts, exercise room with treadmills and recumbent bike
Flexibility and Choice
As your needs and preferences change, you may access a variety of support services including meals, housekeeping, laundry, 24 hour emergency response, recreational and social programming.
What is Life Lease?
Value
- Not-for-profit ownership and operation means affordable rent.
- Your equity is freed up to invest or use where you need it most - savings, traveling, family, etc.
Ease of Estate and Financial Planning
- Your entrance fee is refunded to your or the estate, once the lease is terminated or upon death of tenant.
- The building owner/operator is responsible for re-leasing the apartment.
How does Life Lease work?
- Life Lease is different from outright purchase of a condominium in that residents are required to contribute only a portion of the cost or value of their apartment.
- The financial contribution is called the Entrance Fee.
- In return for the Entrance Fee the tenant is granted a lifetime lease on their chosen apartment.
- Tenants are responsible for paying a monthly occupancy expense or rent.
- A Life Lease may be terminated by the tenant for any reason with 60 days notice.
- When the lease is terminated the Entrance Fee is refunded, less and administration fee of up to 6%.
The Life Lease program is described in detail in the Life Lease Disclosure Statement which is created and filed as a requirement of the Superintendent of Real Estate, Financial Institutions Commission.
Life Lease Locations
British Columbia
Alberta
|
