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. . . The Marian Courtyard Life Lease Solution!

Life lease developments have been around for many years and have become the preferred choice for today’s rapidly expanding retirement population. What makes life lease housing attractive is the age restriction, a sense of community and homogenous lifestyle. Most of all, residents enjoy the community feeling of living with other mature adults and the reduced home maintenance of a condominium-like environment..

Under a life lease plan, residents purchase a “Right to Occupy” their suite at market value. This “Right to Occupy” gives the resident the exclusive right to use their suite and share all common areas. The Lease can be registered on title to the property in the same way a deed can be registered on a condominium or detached house. This registration protects the interests of the residents.

Once residents take possession of their suite, they pay a monthly maintenance fee. The fee represents the resident’s share of the operating costs for gas, common areas, building maintenance, snow and garbage removal, landscaping and grounds maintenance, as well as contributions to a reserve fund and property management costs. Residents are responsible for their own hydro, hot water tank rental, property tax, as well as cable and phone service.

When a resident wishes to sell their “Right to Occupy” they receive market value less an administrative fee. As the value of the market increases so does the value of the life lease interest. Therefore, residents are able to earn a return on investment similar to the equity growth in a family home.

Under a life lease plan, the non-profit corporation must approve all sales so as to ensure that the new purchaser is informed of the lifestyle, opportunities, services and responsibilities that will accompany their ownership.

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