What is Life Lease?
Life Lease housing has become a popular and affordable housing choice for mature adults age 55 and older who are capable of living independently. A lump sum investment in a Life Lease suite gives you the Right to Occupy the unit for your lifetime, and the use of common facilities, and allows you to engage in the community life of the project. Life Lease housing is typically developed and operated by a non-profit faith based organization, and is generally priced lower than a comparable condominium suite.
Purchasers of Life Lease suites are typically seniors who desire to move into smaller or more affordable accommodation with fewer maintenance responsibilities, a strong sense of community, security, and access to social programs with other people in a similar age group. And these multi-residential housing developments typically offer suites of various sizes and features to meet the various needs of most prospective residents.
The sale of a Right to Occupy Agreement in a Life Lease project typically does not involve a real estate agent, and requires no payment of Land Transfer Tax saving the purchaser considerable expense. The purchaser is responsible to pay reasonable monthly maintenance fees to cover the cost of management and upkeep of the property, as well as property tax, utilities and insurance.
The eventual redemption value of the Life Lease Right to Occupy Agreement provides market value proceeds being returned to the owner, less a charge to cover redecorating and marketing.