When you sell your assisted living facility, there are several things that are required by regulation. One of those things is often providing notice to your licensing authority and your residents.
Each state is a bit different, but this is a quick summary of Wisconsin’s notice requirements when selling a community based residential facility (CBRF):
- The seller of the CBRF must notify the Department of Health Services (DHS) within 30 days before the final change of ownership of a CBRF, and provide DHS with the name and contact information of the buyer. This often happens when the buyer submits their license application to purchase the CBRF, normally at least 30 days (and sometimes 60 to 90 days) prior to expected closing.
- The seller must notify residents or resident’s legal representatives no less than 7 days in advance of the transfer of ownership.
These notice requirements are included in DHS 83.10 as of February 19, 2015. But rules change, so be sure to check the current regulations.
Plus, review the entire section and all the regs to make sure you’re in compliance with all the rules, and not just those highlighted in this article about notice requirements.
Finally, if you have questions about your requirements as a licensee who is selling, consult with an attorney for advice – let us know if you need a referral.
This post is not intended to provide legal or tax advice, and the information provided is only a limited discussion of the issue. Please consult with your attorney, CPA or other professional advisor before making business decisions.