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Who is a life lease buyer?
What is a life lease?
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What is life lease housing?
In life lease housing, the buyer does not own the property. The life lease holder holds an interest in that property. The life lease interest gives the holder the right to occupy (live in) a unit, rather than own the unit itself.
Life lease ownership means holding an “interest in property” providing the right to live in the unit, usually for the duration of the lease holder’s life or until the lease holder decides to move.
Instead, it gives the buyer the right to occupy the unit until they sell the life lease or pass away. The life lease agreement is referred to by many names, such as: right to occupy agreement. life lease occupancy agreement. life equity agreement. life lease contract.
In life lease housing, the buyer does not own the property. The life lease holder holds an interest in that property. The life lease interest gives the holder the right to occupy (live in) a unit, rather than own the unit itself. The life lease sponsor owns the property.
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Sep 1, 2002 · Life lease is a term for an alternative residence and ownership arrangement for seniors. The term has been growing in BC over the past ten years because of its appeal to seniors with shared interests and values.
What is life lease housing? In life lease housing, the buyer purchases an interest in that property—which gives the buyer the right to occupy a unit for a long period of time, often for their lifetime.
The phrase "life lease" means that once an initial lump sum is paid out as a deposit, there is very little change in rates, and the purchaser occupies the home for life, with subsequent monthly payments covering management fees, maintenance and other operating expenses.
