Big Day

[susandennis]

First of all only 5 sleeps til I move. I think I can make it from here.

Today I take ownership of my new place. It's actually not ownership. It's actually kind of a weird lease.

I will have paid $488,000 as kind of a first and last month's rent. 80% of that will come back to me when I leave. But, since I'll probably be dead, that 80% will go to my estate. So it's really no longer my money. (Except, there is a weird 'out' to the 'lease'. If I decide I hate the place and want to move within 4 months, no harm no foul - I get it all back.)

So my ownership is more like a lease on steroids.

$5,211 per month for the place, all utilities, about 20 meals and an enormous number of services and benefits.

I will pay for boosted internet, my subscriptions (TV, books), yarn and cat food.

Today I sign the papers and get the key and the garage fob. At 11 am today.

Comments

[bill_schubert]

Wet signatures. Such a strange name for paper and pen but that is what the realtors called them when I was signing for our house.

Can you imagine how many lawyers had to be involved to put together the lend/lease arrangement that is TR? Boggles the mind.

[seasonedrite]

Woot woot!!!

[melshutterbug]

Exciting!

[kulturschnepfe]

Woohoo! Best of luck! I really hope you like it there and don't have to move again.

[vysila]

Hope everything goes smoothly today and next week!

[opakele]

I hope it exceeds your expectations.

[christopher575]

Was that $488k a cash payment? Garrett has this idea that it has to be a lien on a property or estate. and I don't think that's correct. Also are your monthly payments on top of that, or coming out of it? My guess is in addtion. Appreciate any info you can share, trying to gather it casually from places like this is not possible. :)

[susandennis]

Oh, HAPPY to answer all the q's. The $488K is indeed a cash payment. When my condo sells, I will no longer own any real estate of any kind.

On top of the $488K is a monthly fee for everything. $5122. That's rent, $400 worth of food*, all utilities (tv and internet included), and all activities. *The food is highly subsidized. A prime rib dinner (that is delicious) with sides and a non-alcoholic drink is $18. So that $400 goes a long way.

The $488k is paid once and so does not change but I am assured the $5122 monthly fee will go up in January. I don't know how much.

Ask away, really, I didn't know squat and didn't have a good source but you do :)

[christopher575]

Thank you so much! I really appreciate that. My MIL should really be thinking about a move like this but I have a feeling she's going to put it off for a very, very long time.

I understand that the $488k is somewhat of a deposit, are there things that could be billed against it such as damage or something I'm not thinking of?

[susandennis]

Yeah maybe kinda. I had to sign a bunch of documents since i made changes. Basically they held me legally responsible to restore my unit to the way it was when I moved out but there are tons of caveats to that. The big one is that after I've lived here 30 years, I get the 80% back. hahahahaha 30 years. Paartay

So yeah, I suspect that the restoration would could come out of the 80%. But, honestly, I'll be dead so I don't care :)

But, otherwise, no. This is a for profit joint so holding onto my 80% is how they make their $$

[christopher575]

That's what I suspected, that holding onto a bunch of money gives them a big operating budget. Kinda like the co-op, but for profit, haha. Thanks again. :)