Purchasing Requirements

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.

It is recommended that you consult with a lawyer for this major purchase and discuss the package of materials provided to you when your offer is accepted so that you gain a full understanding of the transaction. When purchasing a re-sale unit, your lawyer should conduct a search to ensure there are no liens, loans or mortgages registered against the unit. While you will review these documents with your lawyer, you will sign the official documentation with the IOOF Seniors Homes Inc. just prior to closing.

We encourage you to register a “Notice of Lease’ on title to the Terraces at Heritage Square property with the City of Barrie’s Land Registry Office. Registration will ensure that your life lease interest in The Terraces at Heritage Square is formally acknowledged and, once registered, you will receive notice of any future easements, encumbrances, liens, etc., which may affect the property.

You may name anyone you wish on your lease as the “Owners”. However, only those noted on the lease as ‘Residents” can occupy your suite and must also meet the age requirement. You may even wish to place the lease in the names of your children with yourself as the “Resident(s)” to avoid taxes on your estate. Please consult with your lawyer and accountant before deciding on what best meets your individual, estate and tax circumstances.

Under current legislation recently passed, Land Transfer Tax is NOT payable on the market value life lease arrangement.