Lease For Life
The occupancy of the Retirees WA units are on a “Lease for Life” basis. This means that the resident leases the unit for 60 years or for their lifetime from the commencement date of the lease.
The resident buys the lease at the market value or the price the previous resident is selling it for and is entitled to the exclusive right to occupy the unit and use the common facilities for as long as the lease remains in place.
The lease is terminated when the last occupying resident on the lease vacates the unit. The title of the land does not belong to the resident and upon vacation of the unit it is to be sold and cannot be left in an estate or in a will to a family member.
If you have any questions about our “Lease for Life” contracts you can give Ronnie a call on: 08 9362 0100 or email: email@example.com