Independent Living

Independent Housing

What is Life Lease?

A Life Lease Housing Community is where the resident purchases the right to occupy a residential unit and use of the common area facilities. Life Lease offers security of occupancy, resident involvement in the management of the complex, and centralized worry free maintenance. They have exclusive use of their suite, shared use of all common areas and amenities, and the health and benefits of community living.

Under a Life Lease, a resident pays an entrance fee for their unit. The Life Lease form of ownership offers similar protection to freehold ownership. The entrance fee is protected by an interest registered against the property title, held by an independent trustee. When a resident leaves or no longer requires their suite, the lease is transferred back to the Beaumont Aging in Place Society, all but 8% of the entrance fee is returned to the resident.

The resident pays a fee each month to cover maintenance and other expenses. At Place Beausejour, residents are responsible for their own power, telephone, cable TV and personal property insurance only. All other project costs, including property taxes, insurance, waste removal, management, heat, water/sewer etc.. are included in the monthly fee.

Download a pdf brochure about Life Lease at Place Beausejour

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