Whoopee! The CCRC just called and said they have a housing unit available in the style you want. Now what?
First, check out the unit
Make an appointment to check out the available unit to see if it suits your needs and you want it. The CCRC will want you to decide quickly, but they may give you a couple of days to make your decision.
The unit may be available immediately, but usually, there will be a delay of a few months before your occupancy date to give you time to prepare for the move and to give the CCRC time to rehab the unit and add any non-standard feature you requested.
Reservation agreement
If you decide to take the unit, then you will meet with a CCRC representative to sign a reservation agreement and pay a reservation fee/deposit. At this meeting, you will choose the floor coverings, wall colors, etc. from the standard selections available from the CCRC. You will also discuss any non-standard features or improvements you want and the cost of them. You will also agree on a projected occupancy date.
The agreement locks in the amount of your:
- Entrance fee
- Any costs for non-standard features or special improvements you want in the unit.
- The amount your monthly service fee will be on the date of occupancy.
Reservation fee/deposit.
When you sign the reservation agreement you will be required to pay a reservation fee/deposit. The amount of the fee will be 10% of the entrance fee plus the total cost of any non-standard improvements. The 10% fee of the entrance fee will be credited to the entrance fee due at the signing of the residence agreement just before your occupancy date.
THIS FEE IS NONREFUNDABLE
If you change your mind about moving to the CCRC, you will forfeit the reservation fee. This means you will lose tens of thousands of dollars. So, make sure you want to live at the CCRC before signing the agreement and paying the fee.
Time to get busy
You now have a lot to do and a short time in which to do it. Don’t procrastinate!
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