WHAT IS A LIFE LEASE?
How does a Life Lease work?
Life Lease tenants also pay monthly fees to cover their share of the operating costs attibuted to their unit. Both the Entrance Fee and monthly fees are assigned to each unit based on size, location, features and other factors set out in the lease.
When the Life Lease is terminated, the entire Entrance Fee, less an administration fee as set out below, is refunded within 30 days of re-lease of the suite, or within one year if the suite is not re-leased during that time.
An administration fee of 8% of the unit cost will be deducted from the Entrance Fee Refund to cover administration and re-leasing costs. Any unpaid monthly fees, taxes and damages may also be deducted from the refund, if applicable.
Entrance Fees are secured by a lien on the unit leased.
For more details please contact Barb Howey at 780-361-7882
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