Get Lifetime Occupancy Agreement Form

A lifetime lease is an arrangement where a commercial company buys a property and then sells you the right to live in that property for the rest of your life, or for both of your lifetimes, in the case of couples. Ownership remains with the company and when you die or move, possession reverts to the company.

The right of occupancy means that an individual has the right to live in the home until they choose to leave. A right of occupancy agreement protects the tenant, and is much like owning the property outright. While the tenant doesn't have to pay for a mortgage, they must pay any mortgage interest and property taxes.

Also called a “tenant for life,” a life tenant is a person who has a beneficial interest in an estate or property that is limited in duration to their or another's lifespan.

A life lease can be for the life of the tenant, for a specific term (e.g. 50 years), and some have no specified termination date. Under a life lease, a tenant pays an entrance fee for a rental unit. The tenant also pays rent each month to cover maintenance and other expenses.

Lifetime rent, or a lifetime lease, is a distinctive and complex housing option that provides individuals with the opportunity to secure a home for the duration of their life. It offers a blend of tenancy and ownership benefits, tailored to those who seek permanence and stability in their living arrangements.

A life lease generally occurs when an owner transfers ownership of his/her property to someone else but keeps the right to use, occupy, and control the property during his/her lifetime.