About Life Lease
- Hildebrand Gardens seniors complex will be planned, established, and owned (property rights) by “LANG YI FOUNDATION.”, a federally registered Canadian charitable organization. Hildebrand Gardens will be managed by CONNIUM Management Inc. who has many years of management experience and currently managing a similar seniors Life Lease project, Mon Sheong Court (Richmond Hill Building). Under a Life Lease arrangement, purchasers have exclusive use of their suites, and an opportunity for market value return.
- When you buy a Life Lease, you do not own the property; however, you do hold a “right to occupy” the Life Lease unit. At Closing, you or your lawyer may investigate the status and title of the Property. The Foundation will maintain a register of all encumbrances to the title of the Complex. All changes will be disclosed. The use and quiet enjoyment of your Life Lease unit is protected. Upon the Purchaser’s occupancy, Purchasers may monitor the Foundation, the Complex, and its operation through participation in the Residents’ Association. As a federally registered Canadian Charitable Organization, the Foundation is upheld to a high standard of transparency, integrity, and reporting.
- The Life Lease model established for Hildebrand Gardens has no termination date within the agreement. The Owner can sell the Life Lease interest or transfer the Life Lease interest to a beneficiary. To ensure the safety and enjoyment of all residents in the entire community, all residents, current and successor residents, must comply with the same occupancy rules and regulations of Hildebrand Gardens.
- The Life Lease interest can be sold at the market price or transferred to a beneficiary at any time. Like other similar organizations, the Foundation will assist in processing documents, administrative and handling, for a fee of 5% of the Purchase Price.
- Any adult may purchase Life Lease units at Hildebrand Gardens, however, Residents must be at least 50 years old. Family members or caregivers of a Resident, younger than 50 years old and over eighteen years old can also live with the Resident, but the number of people in each room cannot exceed two.
About Purchase & Selling
- Hildebrand Gardens is owned and operated by Lang Yi Foundation, a charitable organization. Purchase of Life Lease interest for use can be exempted from land transfer tax. Life Lease suites acquired for investment, to be leased to another individual, are not exempted.
- The purchaser’s deposit is supervised and kept by MERETSKY LAW FIRM, IN TRUST in a Trust Account. Accountability of a lawyer’s trust account is governed by law. Different from some other life lease projects on the market and even some condominium projects, Lang Yi Foundation, for your peace of mind, will provide Deposit Insurance coverage that will also guarantee the Purchaser that deposits paid will be 100% fully refunded in the event we are unable to deliver the life lease Suite and complete the closing, and fail to refund deposits.
- Many financial institutions understand that Purchasers may have cash flow constraints when it comes to paying deposits for a new purchase and are willing to assist Purchasers with Line of Credits or other refinancing means to assist. Please inquire with us if you require more information.
- We understand that some Purchasers may experience difficulty with transitioning and aligning Closing dates with the sale of their current home and the Closing of our Life Leased Units. Therefore, upon request from Purchasers and on an as-needed basis, Lang Yi Foundation will accommodate a short-term Interim Occupancy, whereby Purchasers may pay an Interim Occupancy Fee to occupy their unit before final Closing.
About Management
- The daily operation of the building is carried out by the Property Management and monitored by LANG YI FOUNDATION and a Management Committee to ensure reasonable expenditure of management fees and to maintain high-quality low-cost operations.
- The management fee includes 24-hour emergency assistance and security services, free community activities, property management and maintenance staff, personal care services and service coordination, building reserve funds, heating and cooling, telephone, high-speed internet, TV, water, etc. miscellaneous expenses. Each unit has an independent electric meter to ensure fair charging.
- Only the ground floor unit of Hildebrand Garden is designated for pet owners.
- According to government regulations, smoking is prohibited anywhere in the building.
- The maintenance of the building’s external walls, common areas, gates, windows, air-conditioning and heating units and pipe systems will be managed by Hildebrand Gardens and Property Management. The building reserve fund will pay the cost. Repairs and maintenance within the unit are the responsibility of the person who has the right to use the Life Lease unit.
About Volunteer Service
- What is the “Lang Yi Foundation Resident Volunteer Assistance Time Bank Program”? We recognize that there are times where seniors have need for short-term assistance and family members often find it challenging to find time under short notice to assist in their already busy schedule. As such Lang Yi Foundation will administer the Resident Volunteer Assistance Time Bank Program and encourage able senior residents to join the program. All senior residents can join. When seniors are able, they can volunteer their time to help fellow residents and collect time credits that can be redeemed whenever they themselves need assistance from someone else. Not only can the program assist with short term senior needs, but it helps to encourage and build long-lasting friendships in the Hildebrand Gardens community under one roof and it also further helps reduce the feeling of isolation.
- Lang Yi Foundation volunteers will provide free no charge Medication and Blood Pressure Reminder for all Hildebrand Gardens residents age 60 years and over. A nominal fee will apply to residents under 60 years of age.
Disclosure: The information above is not to be construed as legal advice or legal opinion on any specific facts or circumstances and shall not be acted upon without the advice of his/her own professional independent legal advice. Information herein is for general informational purposes only. No responsibility is assumed for any misinterpretation or misapplication of any information contained herein. E. & O.E.
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