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Tenant Opportunity to Purchase Act (TOPA) | ota The DC Office of the Tenant Advocate’s (OTA) Education Community Outreach team (E O) offers tenants and tenant associations classes on the TOPA process as well as technical assistance Tenants living in buildings with five or more units are encouraged to contact OTA and request a TOPA 5 (+) class TOPA Process Charts
TOPA Reform Under Consideration by D. C. Council Other provisions, such as mandatory public disclosure of TOPA settlement terms, restrictions on assigning rights, and expanded post-settlement oversight by the D C Department of Housing and Community Development, could raise other concerns from investors, such as potential transaction delays, loss of flexibility in settlement negotiations
What is the - TENANT OPPORTUNITY TO PURCHASE ACT (TOPA) In municipalities that adopt TOPA, multi-family property owners notify tenants and the municipality when they decide to sell a property Tenants can form a tenant association, made up of tenants in at least 51 percent of the tenant-occupied units
Tenant Opportunity to Purchase Act (TOPA): Policy Issue Tenant Opportunity to Purchase Act (TOPA) legislation creates an overly complex, lengthy and bureaucratic process for the sale of an apartment community, beginning with the requirement that a housing provider offers residents the right of first refusal
Tenant Opportunity to Purchase Act Gives tenants and Qualified Nonprofits the right to purchase your property ahead of the open market Lengthens sales of properties such as single family homes and duplexes, up to 200 days to allow for preparation of offer, receipt of financing, and close of sale Sign up for updates to this policy
RENTAL Act Red Flags: Gutting Tenants’ TOPA Rights TOPA empowers tenants to identify a buyer they prefer, often one who will hear their needs and make repairs By “assigning” their TOPA rights to a developer of their choosing, tenants protect one another and protect DC properties from falling into the hands of slumlords
Frequently Asked Questions About the Tenant Opportunity to Purchase Act . . . What is TOPA? TOPA (Tenant Opportunity to Purchase Act) is a DC law that gives tenants the right to purchase the property they are renting before the owner can sell it to another party This law applies to single-family homes, multi-unit buildings, and rental properties, with some exceptions
Tenant Opportunity to Purchase Act (TOPA) - MACDC TOPA contains safeguards to protect owners TOPA’s timeframes are designed to be typical of a normal real estate market in which properties are purchased with a combination of cash equity and debt