What is Life Lease?
A Life Lease is a legal agreement where an occupant purchases an exclusive right to reside in their apartment-type dwelling, for an indefinite period of time. A Life Lease is unlike condominium ownership in that the occupants do not actually own their units, but rather own the exclusive right to reside in their unit, and the non exclusive right to use any common facilities contained in their project, for as long as they wish.A monthly Occupancy Charge covers all common costs of maintenance, utilities, taxes and administration and ensures that the property is maintained and managed at the highest possible standards. Once the project is occupied, occupants may be nominated to sit on the Board of Directors and will also have input to the Board of Directors through a Resident's Council.
When a Life Lease occupant wishes, or circumstances should dictate, the non-profit corporation will buy back the life interest of the departing occupant, and arrange for the re-sale of this interest to another household on the waiting list. This method of transferring the Life Lease interest will permit "QVP" to continue to gear the building towards mature adults and senior citizens.
Benefits of a Life Lease Occupancy:
All repairs, maintenance, common area utilities and taxes are the responsibility of the non-profit corporation and are paid for out of the monthly Occupancy Charge. This feature of the Life Lease is especially well suited for mature households and seniors who wish to have security of life-long occupancy but yet the freedom to travel. The occupant does not have to worry about the security or maintenance of their home while they are away and the economics associated with the project maintenance and operation should be less than it would be for a senior to maintain their detached home.The common facilities of the project (Lounges, meeting and recreational rooms, etc) allow the occupants to inter-relate and creates a sense of community and well-being. These facilities are especially beneficial to seniors who feel "shut-in" during inclement weather, lack of transportation or for health reasons.
The building has a security entrance system which adds to the "peace of mind" of the residents.
Queen Victoria Place offers a healthy living environment and an attractive alternative for mature adults and senior citizens. This luxury accommodation also creates a comfortable, worry-free life style for occupants to enjoy for years to come.
