District of Columbia Waiver of Preferential Right to Purchase

State:
Multi-State
Control #:
US-OG-569
Format:
Word; 
Rich Text
Instant download

Description

This is a form of a Waiver of Preferential Right to Purchase.

How to fill out Waiver Of Preferential Right To Purchase?

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FAQ

District law states that tenants in buildings up for sale must be offered the first opportunity to buy the building (DC Law 3-86, the ?Rental Housing Conversion and Sale Act of 1980,?under which falls the Tenant Opportunity to Purchase Act (TOPA))/ The District encourages tenants to exercise this right?it stabilizes ...

The most common exemptions from rent control are for rental units that are: Federally or District-subsidized. Built after 1975. Owned by a natural person (i.e., not a corporation) who owns no more than four rental units in the District.

DC Council first passed TOPA in 1980. Back then, like today, DC was facing an affordable housing crisis. For over forty years, TOPA has continued to serve DC tenants?particularly low-income tenants?helping them fight displacement and maintain at least some control over the future of their homes.

When a multi-family rental property in DC is contracted for sale, TOPA allows tenants the right to refuse the sale and with the help of a third-party developer buy the building at the contracted sale price.

Real estate owners in Washington D.C. who want to sell their rental property while it is still occupied with tenants must follow the rules of TOPA. Under this law, owners of real estate must first offer this property for sale to the tenants currently residing in it.

District law states that tenants in buildings up for sale must be offered the first opportunity to buy the building (DC Law 3-86, the ?Rental Housing Conversion and Sale Act of 1980,?under which falls the Tenant Opportunity to Purchase Act (TOPA))/ The District encourages tenants to exercise this right?it stabilizes ...

The new act, THE TOPA SINGLE FAMILY HOME EXEMPTION ACT OF 2018 states: Single-family accommodations are exempt from the provisions of TOPA, except accommodations with tenants who are elderly (62 or over) or with a disability who signed a written lease by March 31, 2018 and took occupancy by April 15, 2018.

TOPA was first enacted in Washington, DC in 1980 and is the nation's oldest and most comprehensive policy. Under the District's Tenant Opportunity to Purchase Act, tenants have the right of first refusal, giving them the opportunity to match any other offer the landlord is considering.

The District Opportunity to Purchase Act (DOPA) promotes affordable rental housing by maintaining the affordable status of existing affordable rental units as well as increasing the total number of affordable rental units within the District.

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District of Columbia Waiver of Preferential Right to Purchase