Legal issues buying into a Continuing Care Retirement Community
We're planning on buying into a Continuing Care Retirement Community in the next couple of years. We've already put a small deposit down to get on their waiting list. And they have an excellent reputation.
Their approach is to take a large buy-in, much of which is refunded when leaving. That's in addition to monthly fees.
My husband remarked that it's similar to buying into a condo though obviously not identical. But if we were buying a condo, we'd definitely be getting a lawyer to review the condo documents and maybe someone to review their finances.
Do we need to worry about that? Do we need a lawyer? They're listed on the state's directory of CCRCs though their disclosure document there is ten years old (and another link is bad but that's the state's web site error that I'll be reporting). We know a number of people currently living in the independent living section and they're all happy but we don't know anyone who's moved out or the families of anyone who has passed away.