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Why are there different rules for an existing life lease complex and a new life lease complex?
When reading the brochure you will find some of the requirements are different for an existing life lease complex than for a new life lease complex. Other requirements are the same for both.
The Life Leases Act (the “Act”) came into effect on December 1, 1999. Some life lease complexes already had tenants in occupancy before that date. They already had certain policies and procedures in place. To impose the entire new legislation on those complexes may have caused a financial hardship on their landlord and tenants. Therefore, they are exempt from some of the requirements of the Act.
For the purposes of this brochure, the term existing life lease complex refers to one where the landlord had entered into at least one life lease agreement before December 1, 1999. A new life lease complex is one where the landlord had not entered into any life lease agreements before December 1, 1999. For the information in this brochure to be meaningful, you should know the date of the first life lease tenancy agreement in the complex you’re interested in.
Some words and phrases in this booklet may not be familiar to you. How can you find out what they mean?
If you come to a word or phrase that you don’t know, you may find it in the Definitions section.
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