Information Effective 10/05/2015
All of the fees and prices are in effect as of October 5, 2015 and are subject to change by the Board of Directors. The actual fees and prices will be those in effect at the time of your purchase and occupancy.
- L.I.F.E., Inc. is a Massachusetts non profit corporation created by Lynnfield resident incorporators with the approval of the Board of Selectmen. There are no public funds used for the development or operation of the corporation or villages. L.I.F.E. is the owner, developer, operator, and property manager of Center and Essex Village. In 2015 L.I.F.E. opened a third (Colonial Village) development.
- The purchase price is periodically set by the L.I.F.E. Board and is for the "Right to Occupy" a specified unit for life. This is not a deeded condominium ownership. One of the occupants must be at least 58 years of age and come from the waiting list of "Class C L.I.F.E. members". There is one list for all properties and when a unit is vacated it will be offered by L.I.F.E. to the next available member on the list.
- The list is comprised of current or former Lynnfield residents with at least two years of residency or the mother, father, brother, or sister of a current or former Lynnfield resident with at least two years of residency. The waiting list applicant will have completed the application and paid the $2000.00 refundable application fee. At this time the waiting list is comprised of over 400 class C members so it is likely to be several years before an opportunity to occupy becomes available to a new applicant.
- Monthly fees include all repairs to appliances, HVAC units, hot water heaters etc., along with landscaping, snow removal, washing of windows and maintenance of all building fixtures and elements.
- Monthly fees also include payments to the Town of Lynnfield in lieu of real estate taxes and water bills. L.I.F.E. maintains buildings, roadways, parking areas, and septic systems. Residents are responsible for electric and gas bills along with their choice of telephone and cable television services.
- Each complex has an on-site maintenance manager to facilitate any maintenance or repairs necessary.
- All L.I.F.E. units are completely refurbished before a new occupant moves in.
- Both Center Village and Essex Village have a clubhouse located on site as an adjunct to the occupants unit. The clubhouse may be reserved for a small fee through the Board of Governors, for a private function. The clubhouse is used by residents without fee for sanctioned activities.
When a unit is vacated and all occupant possessions are removed, the Executive Director arranges for a new Class C member on the list to purchase the unit. The change in occupancy process takes approximately two to three months to complete. During this time the refurbishing process is conducted. The vacating resident is responsible for maintenance fees as well as utilities during this period until the new owner takes possession. When the unit occupancy transfers the vacating resident will receive back the amount they originally paid minus a refurbishing fee (as determined from time to time by the Board of Directors). In addition, any change in price from the price originally paid will be divided equally between L.I.F.E. and the vacating resident and this amount will be added (or subtracted) from the entering price paid. For an illustration of this formula please inquire upon application.
- L.I.F.E. Village occupants must be able to function independently in their unit. L.I.F.E. does not provide any form of assisted living or provide any other ancillary residential services for occupants.