June 2022
We reside in a Life Lease which, like a condominium, has rules.
I’ve been on the new board for five days and feel I can benefit from your resources to enable me to better understand the processes.
Is there a short version or a Cole’s Notes version of what needs to happen and when it needs to happen? There seems to be so many dates to remember.
Your assistance is appreciated.
R.M.
Response from Toronto Condo News
A Life Lease is similar to a condominium corporation. A buyer purchases an interest in the property giving them the right to occupy a unit for a long period of time. Like condo owners, the buyer pays a lump sum purchase price, monthly maintenance fees and property taxes. Life Lease housing is usually developed and operated by sponsors which are non-profit or charitable organizations. Buyers are often seniors looking to move into smaller homes. The sponsor retains ownership of the property.
Life Lease properties are more likely to include senior-oriented services such as care, meal services and social programming. Information on Life Lease housing can be found at www.ontario.ca/document/life-lease-housing.
While unfamiliar with governance in a Life Lease, we can advise on serving as a director in a condominium corporation. There is no Cole’s Notes version of a director’s role because each community is so different in terms of age, size, demographics, construction, fees, priorities and issues. Fortunately, we can direct you to information on general matters of being a director. For this, please refer to Condo Boards & Directors in the Condo Archives. Here you can peruse article titles and access those of interest to you.
At such times as you have specific issues to address, you will find the Condo Archives (https://tocondonews.com/archives/) to be quite helpful. Find the topic you are interested in and access those articles of interest.
Serving as a director in your community can be a great experience. The Condo Archives is the largest resource on condo living and management, and is available for you to use in your role as both a director and resident, and for your community’s manager. I encourage you to take advantage of it.
I realize this isn’t the short version you were seeking. The reality is that managing a home of any size is highly personal. As a director, you are representing the interests of many homes and individuals, each with their own concerns and beliefs. What is relevant for one may be unimportant for another.
Congrats on your new role as director.
