Life Leases

No, the New Home Warranty Program only applies to freehold and condominium homes; however, where the contractors and/or manufacturers warranties have expired and there are still issues, the IOOF Seniors Homes Inc., as an ethical provider, will do all that is possible (within reason) to work with the suppliers to rectify concerns.

The age requirement for “Residents” at the Terraces at Heritage Square is 60 years of age or older. Spouses under the age of 60 are not allowed to reside within your unit. However, they will appear on the Life Lease Occupancy Agreement as an “ Owner” of the life lease interest, but not as an eligible” Resident” of the unit until they are 60. Therefore, you do not have to be 60 years of age to be an “Owner”, but you do need to be 60 years of age to be a “Resident”. If you are still under 60 and your spouse passes away, IOOF may grant an exception to this age requirement. The intent of this age restriction is to preserve the adult nature of The Terraces at Heritage Square, not to be enforced unreasonably.

Upon death, your market value life lease interest transfers to your estate or named beneficiary, which may decide to retain your interest and suite, or to transfer or sell it to another party at the market value at that time. It is up to you or your estate/beneficiary to establish the selling price and negotiate the final transfer, the same as owning a home or condominium. IOOF Seniors Homes Inc. will assist you or your estate/beneficiary in every way possible to find a suitable purchaser for your life lease interest. Although IOOF has the first right of refusal to purchase your life lease interest, it does not guarantee a buyer nor is it obligated to purchase your interest. However, past experience with market value life lease projects indicates that there is usually a substantial list of interested parties available.

When Life Lease Interest owners or their estate/beneficiary wish to transfer a life Lease Interest, they must first indicate their intent in writing to the Sales Representative, at the IOOF Seniors Homes Inc. The Owner or their estate/beneficiary is responsible for all costs including occupancy fees and property taxes associated with the Life Lease suite until the closing date of the transfer.

The monthly occupancy fees cover each unit’s gas heating, air-conditioning, water/sewer, Rogers Cable (3-Tier), along with the Reserve Fund and maintenance of common areas, operating/ staffing and administrative costs for the project.

Additional monthly costs not covered in this fee are City of Barrie property taxes, telephone, suite insurance, individual suite’s hydro consumption and Internet access.

What happens to the Monthly Occupancy Fee when expenses increase?

The monthly occupancy fees are set at the break-even cost of operating the Terraces. Prior to the end of each calendar year, the IOOF Seniors Homes Inc. Board of Directors reviews the actual operating costs and Residents are advised of any upward adjustments and rationale, at least 30 days before they go into effect in the new calendar year. At any time, Residents may contact the IOOF to ask for explanation or clarification. Therefore, each Resident will have knowledge of how these monthly occupancy fees are established. With assistance from Residents through mindful use of common areas and frugal use of utilities, it is the IOOF’s goal to keep the monthly costs as low as possible so that future increases will be minimal.

Each suite has its’ own electric heating and air-conditioning unit located in the suite. Also each suite has its’ own independent thermostat for control of the energy-efficient heating/cooling system.

Owners and Residents are responsible for repairs and maintenance associated with their appliances. The appliances may be transferred or sold with the unit or upgraded at the Owners’ discretion. Appliances sold with the unit are in “as is” condition.

Owners and 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, etc.). You may arrange your own tradesperson to do the repairs or should you wish to avail yourself of services provided by the IOOF to do or organize repairs for a fee, you may arrange this through the Property Manager. A Replacement Reserve Fund has been established with 15% of your monthly occupancy fees deposited to cover future replacement of common area building components.