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 has the same continuing monthly financial obligations for strata fees (their proportional share of common expenses); realty property tax; expenses normal to home ownership; and as a resident of the Heaton Place, their monthly service package fee. Please contact us for details.

> Read about Strata Ownership