Queens Court Apartments
About Queens Court Apartments
A life lease is a specific kind of tenancy agreement in which a tenant pays an entrance fee for a rental unit. The tenant also pays rent each month, but it is usually less than it would be for an equivalent apartment on a standard tenancy agreement based on straight rent. A life lease is usually for the life of the tenant but can be terminated at any time with appropriate notice. At the end of the tenancy, the tenant (or their estate) is entitled to a refund of the entrance fee.
The entrance fees are used initially to help cover the capital costs of the complex, which is why the rents are usually lower compared to a standard tenancy agreement. When new tenants move into the complex, their entrance fees are used to refund prior tenants. In Manitoba, a mortgage against the complex is required to secure the tenants’ entrance fees. A trustee is also required to help ensure that the tenants’ interests are looked after.
Contact Queens Court Apartments
| Address : | 1201 Saskatchewan Avenue East, Portage la Prairie, MB R1N 1N3, Canada |
| Phone : | 📞 +9798 |
| Website : | https://windsorparkestates.ca/ |
| Categories : | |
| City : | N |
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