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Knowing Your Reservation AgreementAngela Hanson presents
Reservation & Residency Agreements
Read ComprehendDiscussReference (location in Agreement)
Why Know Your R.A.?
“I’m a Sales Counselor, not a lawyer…why do I need to know the
Agreement?”
Credibility
If you are comfortable and confident with the R.A. your
Prospect will be too!
It is an integral part of the sales process.
Why Know Your R.A.?
Every Community’s R.A. is Different
State LawSponsorCompetitive EnvironmentActual FacilitiesAvailable Continuum
Why Know Your R.A.’s?
Today’s Prospect Profile-Likely to use a professional advisorIs well educatedHas substantial financial resourcesAnalyzes Risk and plans accordinglyIs weary of Senior ScamsUnderstands LTC costs
Reservation Agreement
User friendlyAllows for a reservation on a specific apartmentLocks in pricingBenefit addendumsMarket specificRefundability clauseResidency Agreement signed closer to occupancy
Frequently Asked Questions Answered in the Residency
Agreement
F.A.Q.FAQ
F.A.Q.
What is the Entrance Fee used for and will I receive interest?
AnswerReference: Entrance Fee and Monthly Fees
F.A.Q.
What services are included in my monthly fee?
AnswerReference: General Services and Facilities
Included General Services:
F.A.Q.
What happens if my spouse requires a higher level of care than I do?
AnswerReference: Transfers and Readmission;
Double Occupancy Single Transfer:or
General Services; Lifecare Benefit/Long Term Care Benefit;
Effect on Monthly Service Fee
F.A.Q.
Can I have Home Health Care in my apartment?
AnswerReference: Residents’ Rights &
Obligations Home Health Care Services:
F.A.Q.
Can I have overnight guests?
AnswerReference: Miscellaneous; Guests:
or Residents Rights and Obligations; Guests
F.A.Q.
When will my Entrance Fee be refunded?
AnswerReference: Terminations and Refunds;
Termination of Residency after Occupancy: Refund of Entrance Fee; Right of Set-off
F.A.Q.
Can I change apartments after I move in?
AnswerReference: Terminations and Refunds;
Relocation:
F.A.Q.
Will my Monthly Fee increase?
AnswerReference: Entrance Fees and Monthly
Fees Changes in Monthly Service Fees:
F.A.Q.
What if I need a higher level of care and there is no space available?
AnswerReference: General Services; Life Care
Benefit/Long Term Care Benefit; Admission:
F.A.Q.
When and how is it decided that I can no longer live in my apartment?
AnswerReference: Transfers and Readmission
Consultations:
F.A.Q.
What if I run out of money?
AnswerReference: Entrance Fee and Monthly
FeesResidents Who Become Unable to pay:
F.A.Q.
How does the dining program work?
AnswerReference: General Services and Facilities
Dining Service:
The Tough Ones
While most terms of the R.A. are straight forward and reinforce the value of the
Community, Prospects might object that some sections are ambiguous or uncertain. It is important to understand where in your R.A.
these might be and how address with Prospects.
Examples Include:
No written cap on monthly fee increasesExcessive delay on refund because of low occupancyLoss of refund because of financial problems/bankruptcy of the communityCommunity holds final decision for health related transfers
Resources
Remember to Use your Management and Operational Team to help handle tough objections. It goes back to credibility.
Resources
Regional ManagerSponsorExecutive DirectorAdministratorDirector of NursingBoard of Directors
Legalese
Definition: Language that is typically used in legal documents and is
generally considered by lay people to be difficult to understand
Severability
A clause in a contract that allows for the terms of the contract to be independent of one another, so that if a term in the contract is deemed unenforceable by a court, the contract as a whole will not
be deemed unenforceable.
Right of Set-off
An agreement defining each party's rights should one party default on its
obligation.
Subordination
Allowing a debt or claim which has priority to take second position behind another debt, particularly a new loan.
Right of Subrogation
The right to assume the legal rights of a person for whom expenses or a debt
has been paid.
Right of Subrogation
The right to assume the legal rights of a person for whom expenses or a debt
has been paid.
What are your stories and how did you respond?
Q&A