Wait Lists

    Most Life Lease facilities have wait list for entry into them, This may be maintained and accessed through a real estate company, the building management company, the Board of Directors or the tenants themselves. Current reality is that the wait lists are quite long and it may take several months or a few years before a current application gets addressed.

    One of the priority criteria for most Life Lease complexes, especially those that are not "Market Value" or Assignment Leases" is the potential tenant's availability to move in almost immediately once an opening is offered. For every month that a suite is unoccupied, the rest of the facility carries the financial responsibility for that suite's rent through a short-fall in rent revenues for the year. This is the reality of a non-profit building.

    Once offered a suite, potential tenants have the option to not accept the offer and in most cases, their names remain on the waiting list.

    If the complex operates under a lease assignment or market value structure, then the wait list is not a consideration except as it may be helpful in finding potential purchasers of the lease.

A Fee or a Deposit to be on a waiting list is NOT PERMITTED under the ACT.