Should I seek legal assistance to expedite the resolution of this financial issue? - AgingCare.com

Should I seek legal assistance to expedite the resolution of this financial issue?

Follow
Share

I am contacting you on behalf of my mother, who was a previous resident of a residential retirement community. In this retirement community, you do not purchase property, but instead purchase an "occupancy rights" agreement. In 2006 my mother and father signed this agreement and paid almost $200,000 for their "occupancy rights fee", also agreeing to pay a $700/month service fee. Under the terms of the agreement, when the agreement is terminated (they vacate their property), their "occupancy right" will be resold by the retirement community corporation, and approximately $170,000 of this fee will be turned to them. My father passed away several years ago and my mother vacated the property in Dec. 2015 to move into an assisted living facility. We are still waiting for the resale of the property, and she has not received her $170,00, but continues to be charged the $700/month service fee, per the agreement, since it has not been resold. The corporation managing this community recently admitted that the homes have been priced over market value and therefore aren't selling, when asked to explain to frustrated families why their parents' money has not been returned, even though these units have been vacant for, in some cases, several years. Should I hire an elder lawyer to help resolve this?

This question has been closed for answers. Ask a New Question.
3

Answers

Show:
Move-in.
Helpful Answer (0)
Report

Yes.
Helpful Answer (0)
Report

I would.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Related
Questions