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THE GOOD SAMARITAN SOCIETY
Northtown Village
4710 Northmount Drive
Wetaskiwin, Alberta

Life Lease
Common Questions and Answers:

 

    1. What is Life Lease?
    The Life Lease concept has existed for decades; however, no two life lease projects are the same. Many people feel life leases offer the best features of ownership with the advantage of renting. Generally, life leases offer good value and a permanent place to live, without the same responsibilities of home maintenance or condominium management.

    Typically, life leases require the resident to contribute a portion of the property value(usually from 35% to 100%) in return for a lifetime lease. If less than 100% is contributed by the resident then the difference is financed in one of many different ways, depending on the project.

     

    2. What is a Life Lease at Northtown Village?
    Northtown Village Life Lease residents make a one-time fixed amount financial contribution, called and Entrance Fee, in return for a lifetime lease. The Entrance Fee is refunded when the lease is terminated, less an administrative fee.

    The Northtown Village Life Lease program is similar to home or condo ownership in that, residents contribute a capital amount for their home. The Good Samaritan Society will manage the buildings, contracts and staff for the property.

    Operating costs are paid on a monthly basis, much like rent and condo fees. Residents are relieved of all of the hassle and the responsibility of re-leasing the unit.

     

    3. Will I receive interest on the Entrance Fee?
    No. When an Entrance Fee is refunded to a resident it is replaced with the Entrance Fee from the next resident. The Entrance Fee was originally used to pay for the cost of the unit. It is not invested in an account, so there is no interest collected or paid out.

     

    4. How can I get my Entrance Fee refunded?
    A Northtown Village Life Lease may be terminated with 90 days notice. The Entrance Fee is refunded within 30 days of the suite being re-leased or after one year, if the unit has not been re-leased. Additional details regarding the Entrance Fee refunds can be found in the Life Lease Agreements.

     

    5. What happens to the Entrance Fee in the event of my death?
    The Entrance Fee is refunded to the resident(s) named on the Lease, or in the case of a residents death, the refund will go to the estate of the resident.

     

    6. Can I have the Entrance Fee refunded to someone else?
    Residents who require the Entrance Fee to be refunded to someone else, must provide The Good Samaritan Society with bona fide and legal instructions to do so. Residents must seek professional assistance from legal and/or estate and investment advisor to ensure they do what is best for their own situation.

     

    7. Will any deductions be made from the Entrance Fee refund?
    An administration fee is due upon termination of the lease. The fee covers administration and re-leasing costs. Unpaid monthly fees, outstanding taxes and damages may also be deducted for the refund, if applicable. The fee is deducted from the Entrance Fee when it is refunded.

     

    8. Is the Entrance Fee secured?
    An Entrance Fee is secured by a lien against the Northtown Village Life Lease property.

     

    9. Am I responsible for finding someone else to move into my apartment when I leave?
    No. The Good Samaritan Society is responsible for the re-leasing the apartments. Other than the administration fee, there are no real estate fees deducted.

     

    10. How much will I have to pay in monthly fees?
    Your monthly fee will depend on the size of apartment you select. Monthly fees are used to pay operating costs attributed to your apartment, including gas; building insurance, garbage services, management fees; maintenance reserve; and property taxes. You are responsible for paying for your own power, water, cable, insurance, internet costs, etc, separate from the monthly fee.

     

    11. Do I need to have insurance?
    Residents are required to have a residents's policy that covers their own contents and includes a public liability clause. The Good Samaritan requires a copy of each resident's home insurance on an annual basis. The building itself, is insured by the Goos Samaritan Society. If you own and operate a vehicle, that is kept on the Northtown Village Property, we also require your vehicle to be insured.

     

    12. Is it possible for my monthly fees to change over time?
    Yes. Operating cost can change just the same as they can in a privately owned home, rental or condominium. Operating costs and services provided will be reviewed annually, and adjusted up or down, depending on changes in costs. If monthly fees are over-charged, then the overpayment is refunded. If fees are undercharged, the amount will be billed as per the terms in the Life Lease Agreements.

     

    13, Is The Good Samaritan Society Northtown Village in any way associated with the Good Shepard Care Centre next door? Northtown Village Life Lease is located within a caring community which includes a Designated Assisted Living Program operated in conjunction with Alberta Health Services.

     

    14. Is the Assisted Living Program available to Life Lease residents? No. The Designated Assisted Living Program is available only to those who require some amount of assistance each day and have qualified through Alberta Health Services.

     

    15. Can I customize or renovate my Life Lease Home?
    Residents who need to make changes to their suites may do so after they take occupancy, subject ot the approval of the Good Samaritan Society. Costs for the changes must be borne entirely by the resident and are typically not refundable. Depending on the nature of the changes, the apartment may need to be returned to its original state upon termination of the lease.

     

    16. How many parking stalls are included?
    Units that have attached garages, have room for parking one car inside. Units without a garage will have one assigned parking stall given to them. There is limited visitor parking on the site as well.

     

    * Important Note: The information described here is general in nature and subject to change. The Life Lease Documents include an Offer to Lease, Lease, Entrance Fee Recovery Agreement, and Rules & Regulations. The Life Lease documents contain the most detailed and accurate information about Northtown Village Life Lease.

 

For more information contact:
The Good Samaritan Society
Northtown Village Life Lease
780 362 0096


Definitions for Terms Used Above:
  • Carrying charges - refers to operating expenses based on size of unit.

  • Operating expenses are:
    Lawn maintenance
    Garbage
    Insurance
    Office and supplies
    Professional Fees - external professionals, auditors, engineers, etc.
    Repairs and maintainence
    Miscellaneous - advertising, registering liens
    Snow removal
    Shared salary site administration
    Shared salary maintenance person
    Vacancy reserve
    Corporate support - managing contractors, finance, managing accounts

  • GSS Mgmt Fees - 1/3 0f 1%, our fee as managing company

  • Capital Reserve - monthly allocation towards long-term upgrade needs

  • Property Taxes - City of Wetaskiwin will bill GSS on an annual basis

* If surplus at end of year, it will be credited to tenants, and/or shortfall/deficits will be paid by tenants.

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