Term Ownership

Term Ownership is a term that most individuals are less familiar with. It is the prepayment of the use of a Strata Lot (suite) over an extended period of time (It is sometimes referred to as "Life Lease; Share Ownership; or Long Term Lease").

In the case of Heaton Place, Term Ownership will be the purchase of the use of a Strata Lot for a period not to exceed twenty-nine years. The importance of the twenty-nine years is that such a time period exempts the purchase of the Strata Lot from Land Transfer Taxes. This adds up to a considerable savings for a Term Ownership purchaser.

At closing, the purchaser pays the purchase price of the strata lot; associated legal and closing costs; normal closing adjustments; Goods and Services Tax and the Term Ownership Agreement is registered on title. Unlike a Strata Ownership, the purchaser does not pay Land Transfer Tax.

Like a Strata Owner, a Term Owner's only continuing financial obligations are for their monthly fee (which includes utilities, maintenance, minor repairs, two meals daily, planned recreation and activities, weekly housekeeping, strata fees, and more) and their property tax.  

For more information on pricing and unit availability, please contact us for details.