The Criteria to Purchase into Leisure World Seal Beach
Buying into Leisure World does have some basic critieria that has to be followed and
as of August 1, 2008, all perspective residents have to be financially pre-qualified.
The following information applies to all prosepective residents regardless
of who is actually buying the unit. For example, if a child is supplying the
money to their parents for the purchase, it is the parents that must be
financially pre-qualified, not the child who is suppling the funds. Also, if two
people are buying a unit together and they are not a married couple, they both
will have to meet the financial pre-qualifications individually.
To meet these qualifications the Buyer (resident) must prove that their minimum net
income is at least 4 times the monthly fee (carrying charge) plus property tax.
They also have to show that they have a minimum of $25,000 in liquid assets.
The Documents Required for Pre-Qualification:
* Last 2 Years of Tax Returns (1st 2 pages of the actual return)
* 6 Months Minimum of Bank Statements for an Account that has
at least $25,000 in Reserves (can be multiple accounts). This can
be any type of account, i.e.; CD, IRA, Securities,
Checking or Savings Acounts, etc.
PLEASE NOTE: In the event that the Buyer does not file tax returns, the
last two years worth of 1099's, 1099-R's or 1099-SSA's may be
used instead, along with the required Bank Statements.
Additional criteria to purchase is a written release from a physician stating that
the Buyer (resident) can live independently. Proof of age by either a driver's license
and birth certificate or a passport. Join the Golden Rain Foundation with a
"One-Time" Membership Fee of $1,330.00 for one buyer and $465.00 for
each additional buyer (paid at closing of escrow). Once escrow is opened, each
potential buyer will then go thru an interview with an appointee from the Mutual.