Residential care license

Definition

The state license to house and assist elderly residents, tied to a person, a building, and a bed count.

Why It Matters

It does not transfer automatically. A change of ownership needs state approval and a qualified administrator in place, which makes the license the gating item in the deal, not a closing formality. Start the application as early as the state allows and find out how long approvals are currently taking, because the answer varies by state and by year, and the closing date has to be built around it, not the other way round.