This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
District of Columbia Preferential Right to Purchase Interest Assigned
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US-OG-504
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FAQ
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.
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.
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 ...
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.
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.
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.
