Under a Life Lease arrangement, residents have exclusive use of their suites and many of the same benefits as traditional home ownership. Residents buy the right to live in their suites at THE MEADOWS for as long as they wish.
The benefit of the Life Lease model is that The Meadows, as non-profit sponsor, can control this project to ensure an age-exclusive, mature adult community. Life Lease is more about creating a community of people with shared interests and values than it is bricks and mortar.
The Meadows is designed for active adults with similar interests and backgrounds to fully enjoy their retirement years without the headaches associated with maintaining a single family home. Life Lease buildings have more extensive amenity areas to create a stronger sense of community.
As residents age, support services can also be provided allowing them to maintain their independence for a longer period. It is also designed to enhance the resident’s quality of life through facilities such as a fitness centre and easy-living features such as wider doorways, walk-in shower stalls with molded seats and grab bars.
The Life Lease interest also provides a resident with shared use, in common with other residents, of all common and building amenities. Once the project is constructed, residents share in the ongoing operating costs through payment of a Monthly Occupancy Fee, similar to a condo fee.
When a resident wishes to sell his or her Life Lease interest back to The Meadows, he or she receives back their initial purchase price, less a transfer and refurbishing fee, allowing residents to protect their investment, or if so elected upon closing and occupancy, may sell their Life Lease interest at market value, whereby they will receive 90% of the proceeds and the Meadows retains 10% of the selling price.
This transfer fee provides funds to York Region Christian Senior Homes Inc. to coordinate the transfer, refurbish the units as required as a result of normal, permitted use, as well as provide for future enhancement to The Meadows of Aurora’s facilities and services.
The age restriction for The Meadows of Aurora has been established as 65 plus. In cases where one spouse or resident is not yet of age, the spouse of the resident is able to reside in the suite. This occupancy restriction is intended to maintain a harmonious environment for mature adults and create a stronger, more supportive community.
The Life Lease model established for The Meadows of Aurora does terminate upon the death of the last surviving spouse. However, residents have the right to sell their Life Lease interest at any time prior to their death. Upon the death of one spouse or resident, the Life Lease interest automatically transfers to the surviving spouse or resident at no cost.
Upon death of the second spouse or partner, the Life Lease interest automatically transfers to his or her estate, or may be transferred as per your will. If your estate becomes the owner, it would then be required to sell the Life Lease interest as prescribed in the Life Lease Occupancy Agreement.
If your Life Lease interest would terminate for repurchase by York Region Christian Senior Homes Inc. the repurchase would be effective the earlier of the date on which the suite transfers to a new resident or 12 months after the request for termination, whichever occurs first. The Meadows will assist in the resale by maintaining a waiting list of interested buyers and locating new residents.
The project will be owned and operated by York Region Christian Senior Homes Inc., which shall maintain ownership and operational responsibility for The Meadows of Aurora in perpetuity. We encourage residents to register a “Notice of Agreement” on title to the property.
Registration will ensure that your interest in the project is formally acknowledged on title and, once registered, you will receive notice of any future easements, encumbrances, liens, financing, etc. which might affect the property. Therefore, registration will protect your investment similar to registering a deed on title to a house or condominium.
The Meadows of Aurora offers premium finishes and specifications so that residents do not have to upgrade to achieve quality. Each resident will be provided with a good selection of quality cabinetry, flooring and paint colours to choose from. In addition, once the purchase is completed, residents may, at their own expense, make changes after obtaining approval from the The Meadows Board of Directors.
Residents of Life Lease interests are exempt from the payment of land transfer tax, provided that the resident is acquiring the Life Lease interest for the purpose of his or her occupancy of the suite as his or her principal residence or the principal residence of his or her spouse, parent or co-owner.
Pets are permitted on all floors, as outlined in our Pet Policy. We pride ourselves in offering a totally smoke free building. Smoking is permitted in designated outdoor areas only.
Each resident pays a monthly occupancy fee based on the size of their selected suite. These monthly fees are fixed for the 1st year of operation and will be confirmed when the Life Lease Occupancy Agreement is executed.
The Monthly Occupancy Fee includes HST, proportionate property tax, heating and air conditioning, maintenance of all common areas and grounds and a reserve fund percentage for major long term common area and structural repairs. Residents will only be responsible for in-suite hydro usage, and any costs related to phone, Internet and TV.
The Monthly Occupancy Fees are set at the breakeven cost of operating The Meadows of Aurora. The actual operating costs are reviewed annually by the Board and residents, and any adjustments will be submitted to the Residents’ Association for review and input. With assistance from residents, the goal is to keep the monthly costs as low as possible so that future increases can be minimized.
The Monthly Occupancy Fee paid by each resident covers the cost of administration and maintenance which will be overseen by York Region Christian Senior Homes Inc. Repairs, maintenance and replacement of finishes and fixtures within each suite are the responsibility of the resident.
Residents are responsible for all repairs and maintenance within their suite, except those components that are common to the building (i.e. exterior doors, windows, fan-coil units and plumbing systems, etc.).
Although six or seven appliances are included in the price of your Life Lease suite, residents are responsible for repairs and maintenance associated with these appliances. All supplied appliances are part of the unit and remain part of the unit at time of sale, or turnover even if upgraded after occupancy. Appliances that cannot be repaired at a reasonable cost will be replaced by The Meadows at no cost to the residents.