Before a life lease is assigned, is the new tenant supposed to get any information?
Before the tenant assigns the lease and before the landlord consents to the assignment, the landlord must give the assignee the same information the tenant received when they entered into the life lease. The landlord must tell the assignee: • that the assignee has the right to cancel the assignment of the life lease within seven days of giving the landlord the signed document; • the term of the lease; the term may be for the assignee’s life or for a specific time period; • the name of the trustee holding the refund fund and mortgage and the balance in the fund (only if the entrance fee is refundable); • how the assignee will get the entrance fee back at the end of the tenancy; • about the assignee’s risk of losing their entrance fee; • the balance in any reserve fund, if the landlord is non-profit; • that the landlord must have annual meetings with the tenants to give them financial information on the complex; • whether or not the annual rent increase guideline applies or will apply to
Related Questions
- Would Chappers Ltd be able to give advice on how to terminate a lease or seize tenant’s belongings if they fall into arrears?
- What should an owner do if a tenant seriously and/or repeatedly violates the provisions of the lease?
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