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District of Columbia Option to Purchase Package

Category:
Real Estate - Options
State:
District of Columbia
Control #:
DC-P069-PKG
Format:
Word; 
Rich Text
Instant download
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Description

With this Option to Purchase Package, you will find the forms that are necessary to exercise a right to purchase property or require another to perform upon agreed-upon terms. In an option agreement, a party purchases the right for a certain time, by election, to purchase property at a stated price.


Included in your package are the following forms:


  1. Option to Purchase Addendum to Residential Lease

  2. Residential Lease Agreement

  3. Option For the Sale and Purchase of Real Estate - Residential Lot or Land

  4. Option For the Sale and Purchase of Real Estate - Residential Home

  5. Option For the Sale and Purchase of Real Estate - Commercial Lot or Land

  6. Option For the Sale and Purchase of Real Estate - Commercial Building

  7. Option For the Sale and Purchase of Real Estate - Farm Land

  8. Option For the Sale and Purchase of Real Estate - General Form


Detailed information on forms included:


  1. Option to Purchase Addendum to Residential Lease - This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.

  2. Residential Lease Agreement and Option to Purchase - This Residential Lease Agreement and Option to Purchase is entered into by and between the lessor and the lessee. This agreement provides that the lessor will rent to the lessee a personal residence located at the address listed in the agreement. The lessee is responsible for paying rent on a monthly basis and the premises must be used as a private dwelling and for no other purpose.

  3. Option For the Sale and Purchase of Real Estate - Residential Lot or Land - This form is for an option to purchase a residential real estate lot or tract of land. It provides for the payment of option money and the procedures for exercise of the option.

  4. Option For the Sale and Purchase of Real Estate - Residential Home - This form is for an option to purchase a residential home. It provides for the payment of option money, sales price, and all terms of the agreement.

  5. Option For the Sale and Purchase of Real Estate - Commercial Lot or Land - This form is for an option to purchase a commercial lot or land. It contains provisions for the payment of option money and other terms of the transaction.

  6. Option For the Sale and Purchase of Real Estate - Commercial Building - This form provides a buyer with an exclusive and irrevocable option to purchase residential real estate, specifically a commercial building.

  7. Option For the Sale and Purchase of Real Estate - Farm Land - This form is for an option to purchase farm land and includes all terms of the transaction.

  8. Option For the Sale and Purchase of Real Estate - General Form - This form is adaptable for general use as an agreement to purchase an option on real estate. Provisions for all relevant details are included to be adapted for use in a particular transaction.

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FAQ

1 The letters D.C. each get a period, since they are abbreviations for the term District of Columbia. 2 Capital, with an a, refers to a city that serves as the seat of a government. 3 Capitol, with an o, refers to a building that houses a legislature.

Washington DC's TOPA Act Washington's program is called TOPA the Tenant's Opportunity to Purchase Act. TOPA generally grants tenants a grace period and right of first refusal to purchase their building if it is to be sold.

Every time there is a drop-down list for "state", DC is an option. It's not a state, of course, but Washington, DC = City, State for address purposes.

Washington, D.C., formally the District of Columbia and also known as D.C. or just Washington, is the capital city of the United States. It is located on the Potomac River bordering Maryland and Virginia, with Congress holding its first session there in 1800.

It is written Washington, D.C. with comma and periods. Except when it's used as a postal address. Although the U.S. Postal Service is very good about making things work, the "official" recommendation is that no periods, commas or other punctuation marks are used in postal addresses.

Taxicab/Limo Drivers Any non-resident taxicab/limo driver who operates a motor vehicle for hire in the District must file a Form D-30. The filing of the D-30 is a requirement for operating or continuing to operate a motor vehicle for hire in the District by a non-resident.

Get the Correct Basic Business License. File a Clean Hands Certification. Register With the Tax and Revenue Office. Get a Housing Inspection. Register for Rent Control. Don't Proceed Without a License. Ask for Help.

On July 3, 2018, a new law became effective that exempts single family dwellings from TOPA, unless occupied by elderly or disabled tenants.Tenant(s) has no further TOPA rights if tenant is not elderly or disabled AND signed a written lease on or before March 31, 2018 AND took occupancy on or before April 15, 2018.

The Tenant Opportunity to Purchase Act (TOPA) is a hot topic in Washington DC. In 1980, TOPA was an honorable regulation set forth to combat the gentrification in the District. Essentially this act gave tenants a first shot at purchasing the home they were renting, if their landlord decided to sell the property.

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