Rendezvous Lafontaine Community Complex....
|Life Lease Suites & Studio Apartments include:|
|Fire alarm bells/horn, automatic door closures to working areas and hallway zones
Emergency lighting in main common areas (generator)
Welcoming security entrance with direct phone link to each suite and easy access to elevator
|Smoke detector, 24 hour monitoring system, fire alarm bell/horn|
|Life Lease Information (not applicable to Studio Apartment Leases)
Life Leases permit the lease holder more control than in a traditional condominium, since the future sale or transfer of the life lease must be approved by the governing Board of Directors. This control is especially important in a mature adult community where leaseholders prefer to live with people their own age and who share common interests.
The owner of a Life Lease has the exclusive right to occupy their unit and to use the common facilities of the development for as long as they desire or are able. These owners purchase their lease, normally at market value, similar to the purchase of a home or condominium. Once the owner takes possession of their unit, they pay a monthly fee, similar to a condo fee, which represents the owner's share of the common costs including building common utilities, interior and exterior maintenance of common areas, management and insurance.
When the owner, or their estate, wishes to sell or transfer their lease, they receive the market value of their unit, similar to a condominium or detached home. Therefore, it is the "market" that determines what the leasehold ownership or life lease is worth. Life Lease projects look like condominium projects, with similar unit sizes, features and monthly fees, however, there is only one owner registered on title to the property. In most cases, this owner is a not-for-profit or charitable organization which continues to own and manage the project to ensure that the life lease owners' interest are maintained. Additional information is available for interested purchasers.