Baycrest Life Lease Sell-Back Option
Baycrest is offering to buy-back life leases from those families and individuals interested in selling their life lease units, be they vacant or currently occupied.
Benefits of selling your unit directly back to Baycrest:
- You pay no real estate commissions (typical saving: 5% of sale value)
- The administrative fee of $6,000 will be waived
- Up to $1,000 will be covered by Baycrest in legal fees regarding the sale
- Baycrest can close quickly if you require a short closing period
- You will receive a market-based offer without the time, trouble and cost involved in listing with a real-estate agent
How will the sell-back offers happen?
Barry Lebow, Broker, RE/MAX Ultimate Realty Inc., is acting on behalf of Baycrest. Barry has extensive experience as an independent broker, valuator and appraiser. He will make a market appraisal of your unit and within approximately one week of being contacted, will present you with your offer. Barry will thoroughly explain how he derived the offer, which will be based solely on current market appraisals. Key terms will also include:
- A mutually agreeable expiration of the offer – we will work closely with you to make sure you have plenty of time to discuss the offer with your legal counsel or other advisor;
- The closing period will be negotiable, but can be within a few days if necessary;
- Unit (including locker and parking spot) must be 100% vacant at the time of closing if not renting back the same apartment.
How do I inform Baycrest I would like to sell back my unit?
Please contact Laurie Banks at Laurie@TwoNeptune.ca or call 416-785-2500 ext. 2270.
If you wish to Sell and Rent-Back (stay in your existing unit as a renter) the same sell-back benefits as above apply. For rental rate information, please contact Laurie Banks.
If you would like to sell your life lease back to Baycrest and then rent in order to stay in the building, but prefer to move to another unit in the building, your name will be added to the Rental Suites Waiting List.