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What is life lease housing?
Who is a life lease buyer?
How does a life lease work?
Why do people choose 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.
Unlike rental housing (governed by the Residential Tenancies Act, 2006) and condominiums (governed by the Condominium Act, 1998), there is no legislation in Ontario that specifically regulates life lease housing.
Difference between rental, ownership and life leases. All models of life lease housing share some characteristics of both rental and ownership. See table 1 for some of the similarities and differences between rental, condominium ownership and market value life lease housing models.
Introduction. 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. Like condo owners, the buyer pays a lump-sum purchase price, and then continues to pay: property taxes. monthly fees for maintenance.
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What Is A Life Lease And How Does It Work? It is a rental arrangement, but it is unusual because the tenant makes a cash contribution (not an investment) in the rental unit of an agreed upon amount – perhaps around $150,000.
Quick facts about life lease retirement communities. Life lease retirement homes offer mature adults - who are neither tenants nor owners – a stake in a community designed as a rewarding, supportive and affordable place to live.
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. Like condo owners, the buyer pays a lump-sum purchase price, and then continues to pay property taxes and monthly maintenance fees.
