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How to Reserve Your New Home |
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PURCHASE PLAN
1. Life Lease Reservation Agreement - You reserve the suite of your choice by way of a Life Lease Reservation
Agreement. A $5,000 deposit is required at the time of signing. This deposit is held in trust. If you decide to not
purchase the suite, your deposit is refunded to you, but no interest is paid on the deposit. Should the project
not proceed, for whatever reason, your deposit is returned with interest.
2. Life Lease Occupancy Agreement - Prior to construction start, a Life Lease Occupancy Agreement
is executed which sets out the terms and conditions associated with your life interest. The Life Lease
Occupancy Agreement requires a payment equal to 25% of the suite purchase price and includes the
original reservation deposit. This Agreement stipulates the anticipated occupancy date, the Life Lease
base purchase price for your selected suite and the anticipated Monthly Occupancy Fee for your suite.
3. Balance of Payment - The balance of payment for the remaining 75% is due when your suite is
completed and ready for occupancy. This is anticipated to be approximately 11 to 12 months after
construction begins, which gives you an opportunity to sell your house and arrange for the balance of
payment.
SELLING YOUR LIFE INTEREST:
You may sell or transfer your life interest at anytime to an approved purchaser. The Forest Non-Profit
Seniors Housing corporation retains 5% of the proceeds of any transfer for future improvements to the
building. A waiting list of potential purchasers will be maintained by Forest Non-Profit Seniors
Housing.
MONTHLY OCCUPANCY OR COMMON AREA FEES:
Each suite owner pays a monthly occupancy fee based on the size of their unit. In this way, the cost
to operate the common areas is fairly apportioned to everyone. Fees are payable once you take
possession of your unit. The fee covers costs such as:
• All common area exterior cleaning and maintenance
• Snow removal from main internal roadways, drives and walks
• Landscape maintenance
• Management and administrative costs
• Insurance on the buildings
• Replacement reserve fund for future replacement of capital items
COST PAID DIRECTLY BY RESIDENTS:
• Property taxes
• Individually metered hydro and gas
• Telephone and cable television
• Contents insurance on personal belongings (estimated at $245.00 per year) |
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