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The sponsor has been working with solicitor Alan Redway (416 481 5604) to formulate the legal documents to sell the right to occupy a specific unit and to allow the household or their heirs, to receive the value back when they no longer wish, for any reason, to live in the unit. Alan Redway acted on behalf of Stay At Home In Leaside; another local life lease building located at 1385 Bayview Ave. and is very experienced in this area of law.
The "life lease" document we are using is a contract relating to the financing and future operation of the building. It is not really a lease under the Tenant Protection Act or the Condominium Act, nor is the document specifically related to your life. Canada Housing and Mortgage Corporation coined the term "life lease" to describe this contract format that over 80 seniors groups across Canada have used to finance buildings that they, as non-profit sponsors, have built. "Life Lease" is a contract that outlines not only the purchase price and deposit schedule but many other details such as the rules for operation like whether or not pets are allowed, the process that will be used to resell the unit when you no longer want to live here and how monthly operating fees will be established.
Full details are made available once you are ready to proceed. However, in the interim we are providing an article prepared by an independent and very experienced lawyer Mr. Ron Crane. Mr. Crane has worked on several life lease projects across the province and prepared this article while he was a senior partner at Coutts Crane Ingram in Toronto. He is now working in the Midland office of the legal firm Hacker, Gignac and Rice (tel 1 705 526 2231) that is involved in a life lease project for the francophone community in Lafontaine, Ontario.
Please click here to read Mr. Crane's article.
You may also want to refer to the life lease section of CMHC's web site at
http://www.cmhc-schl.gc.ca/en/imquaf/afho/afadv/fite/lile/effectiveness.cfm.
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