District of Columbia Waiver of Preferential Right to Purchase

• Category: Oil Gas and Minerals - Waivers
• State: Multi-State
• Control #: US-OG-569
• Format: Word; Rich Text

Description

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

The District of Columbia Waiver of Preferential Right to Purchase, often referred to as the D.C. Waiver of Right to Purchase, is a legal document that grants individuals or entities the option to waive their preferential right to purchase or lease property in the District of Columbia. This waiver is important for individuals or entities seeking to sell or lease their property without restrictions imposed by the preferential right to purchase laws. In Washington, D.C., the District of Columbia Tenant Opportunity to Purchase Act (TOP) grants tenants, housing cooperatives, and certain tenant associations the right to match any offer made by a third party to purchase or lease a rental property they currently occupy. This preferential right to purchase allows tenants to prevent the sale or transfer of their residence to a third party by exercising their right to purchase under equal terms. However, in some cases, property owners may wish to sell or lease their property without adhering to TOP regulations or give a third party the opportunity to match an offer. This is where the District of Columbia Waiver of Preferential Right to Purchase becomes relevant. By signing this waiver, a property owner voluntarily relinquishes the preferential right to purchase held by tenants or other eligible parties, enabling them to proceed with a sale or lease to a preferred buyer without constraints. Types of District of Columbia Waiver of Preferential Right to Purchase include: 1. Residential Property Waiver: Specifically designed for property owners intending to sell or lease their residential property (single-family homes, condominiums, townhouses, etc.) without triggering the TOP regulations. This waiver ensures that the property owner can proceed with the transaction freely and without tenant interference. 2. Commercial Property Waiver: This type of waiver is applicable for property owners looking to sell or lease commercial properties (office spaces, retail buildings, warehouses, etc.) within the District of Columbia. Similar to the residential waiver, signing this document relinquishes the preferential right to purchase, allowing for a smoother and less restricted real estate transaction. 3. Mixed-Use Property Waiver: This waiver is relevant for property owners who own mixed-use properties that encompass both residential and commercial units. It provides a comprehensive waiver that covers all aspects of the property, ensuring that the owner can sell or lease the property as a whole or separately without any hindrances from the preferential right to purchase. The District of Columbia Waiver of Preferential Right to Purchase is a crucial legal tool for property owners in the District of Columbia seeking to sell or lease their property without being bound by the TOP regulations. It provides the flexibility and freedom necessary for property transactions, enabling property owners to choose their preferred buyers or leaseholders and proceed in a manner that best suits their interests.