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Buyer does not own the property
- 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. If the holder passes away, their inheritor gets the life lease interest, but not the right to occupy the unit.
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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.
The main legal document for this type of housing is the life lease agreement that the buyer and project sponsor sign. The agreement does not give the buyer property. Instead, it gives the buyer the right to occupy the unit until they sell the life lease or pass away.
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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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.
Life Lease is a form of real estate tenure (conditions under which a land or building are held or occupied) that has been in existence throughout North America and Europe for many years, and in Canada for nearly 50 years.
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A life lease is a written tenancy agreement that involves payment of an entrance fee for a rental unit. The person who is first entitled to occupy the rental unit is granted a right of occupancy for life or for a fixed term of not less than 50 years.
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.
