A life lease means that you purchase a leasehold apartment in a similar way as you would own a condominium with a few minor differences. As a life-lessor, you are responsible for the upkeep of the property including repairs and maintenance. However, similar to condominium buildings there is a monthly fee for maintenance of common areas (interior and exterior) and services including the insurance and management.
Life lease holders have the exclusive right to occupy the suite they select and to use the common facilities for as long as they desire, however, the actual ownership and title of the life lease development remains in the name of the non-profit organisation.
Further, to ensure that Parkview Meadows continues to be a community of seniors who share common interests, there are certain restrictions on future sales or transfers of the life lease. One such condition is that future owners of the life lease interest must be approved by the owners of the property.