What is Life Lease Housing
Life Lease is a legal agreement, in which you purchase the right to occupy a unit at Town Square Manor for up to 49 years 11 months, but you do not own an interest in land and your names are not on title. For the sale or purchase of a life lease we use the market value. This means that the life lease interest is redeemed at whatever price the market will bear at the time of sale. Purchasers pay an amount similar to that for a comparable condominium. Town Square Manor retains some control over who can live in the building.
Life Lease offers independence, freedom from the responsibilities of home ownership and a supportive community.
Under the terms of the Life Lease agreement you:
- are responsible for paying the monthly maintenance fees for building maintenance, insurance, management, common-area utilities, heat and Replacement Reserve, plus a monthly surcharge for municipal taxes.
- pay for your own electricity, telephone and cable service, maintenance of your own appliances, interior decoration and any alterations you make to your suite.
- have a voice in the decision making process; one third of the Board of Directors is elected by the residents.
- may sell your Life Lease at any time and specify the asking price.
- may authorize The Corporation to oversee the sale of your Life Lease for you, and deduct an administration levy and Life Lease Transfer fee from the selling price of the new Life Lease, with the balance of the funds returning to you on completion of the sale.
Life Lease Housing Resource Guide - 2014 Questions and Answers for People considering Life Lease Housing.