Life Lease On A House
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FAQ
Through a Life-lease people buy a financial interest in their suite. This interest lasts for life and is registered against title in the Land Registry Office. For the purposes of the Strata Properties Act, Life-lease holders are deemed to be ?owners? and are treated as such.
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.
A life lease is a form of rental housing which is usually aimed at tenants who are 55+. A life lease is a kind of written tenancy agreement. A life lease can be for the life of the tenant or for a specific term (e.g. 50 years). Under a life lease, a tenant pays an entrance fee for a rental unit.
A life lease generally occurs when an owner transfers ownership of his/her property to someone else but keeps the right to use, occupy, and control the property during his/her lifetime.
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.
