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Wednesday
Aug012018

Are You Aware That The Change To TOPA Has Been Enacted?

The new TOPA Single-Family Home Exemption Amendment Act of 2018 went into effect at the beginning of July.  This modifies homeowners’ responsibilities under the Tenant Opportunity to Purchase Act with respect to certain tenants in single family homes and individual condominium units.

Under the previous law, landlords who wanted to sell were required to give all tenants an Offer of Sale and opportunity to purchase a single family home or condominium. Under this new Act, landlords are still required to provide notice to their tenants of a potential sale; however, only elderly and disabled tenants (if they meet certain eligibility requirements) are now afforded the actual right to purchase the single family home.

If you are looking to sell your single family home or condominium unit, do be sure to speak with your realtor or your attorney about the details of complying with the new Act.

 

 

The material on this website is not offered as legal advice on any matter and should not be used as a substitute for seeking professional legal advice.