If You’re Planning to Sell a Home
Retirement home licences are not transferable. Licences do not transfer as part of a sale of a home or a sale of a company that owns a home. Prospective owners or operators must apply for and obtain a licence before acquiring and operating a retirement home. Retirement home licences terminate upon the sale of a home or after a change in controlling interest.
Licensees must give the Registrar advance written notice of a sale of a home or certain changes in the ownership of a licensee (these changes are referred to as, “changes in controlling interest”) by completing the Notice of Change of a Controlling Interest form. Notice must be two months in advance or as soon as practicable. If a licensee is closing a home or selling it to an unlicensed operator, the licensee must provide the Registrar with a transition plan four months before date the home will close or transfer. The plan must explain how the licensee will manage the process of ceasing to operate a retirement home. The RHRA is glad to answer any questions about buying or selling, ceasing to operate, a retirement home.
Issues relating to the buying and selling of retirement homes, and changes in the ownership of licensees, can get complicated. You should contact the RHRA or get professional advice if you have any questions.