TOPA Assurance Plan
Many small multifamily owners fear selling their property because of the uncertainty, costs, and potential legal issues related to TOPA. That’s why the Small Multifamily Group has designed the TOPA ASSURANCE PLAN™ Let our experts guide you through your next transaction, so you can relax and enjoy a successful closing.
The TOPA ASSURANCE PLAN™ consists of proprietary systems and methods that eliminate the worry of TOPA for sellers of multifamily properties.
The TOPA ASSURANCE PLAN™ has you covered in three major ways:
Compliance
Combined our team of agents, lawyers, and title attorneys have completed hundreds of successful transactions involving TOPA. We will not only take care of the regulatory element, but we will also help take care of the human element of the TOPA equation, the tenants.
Costs
We protect our sellers from unreasonable and excessive costs associated with TOPA. We are partners in every transaction and will help take care of any tenant costs.
Courts
Predatory tenant activists are ready to take advantage of every opportunity to delay your transaction, even if it means bringing baseless but expensive legal claims. We have got you covered in the event of any unexpected TOPA litigation.
What is TOPA?
The District of Columbia’s Tenant Opportunity to Purchase Act (commonly known as “TOPA”), gives tenants the right of first refusal for the purchase residential dwellings in which they live. TOPA applies to all multi-unit apartment buildings and to single-family homes occupied by tenants who are seniors or have disabilities.
Before the owner of a tenant-occupied property can sell the building, the owner must first provide the tenant or tenants with the opportunity to purchase that residence. TOPA gives tenants the right to sell or transfer their purchasing rights to other parties. This is often much easier and more financially desirable for the tenants rather than trying to buy the property.
Owners of multifamily properties are not able to sell their property without demonstrating that all TOPA-related requirements have been met. This has resulted in the development of a predatory cottage industry of tenant activists, lawyers, non-profits, and developers, who aggressively work to buy and sell these TOPA rights. TOPA has done very little to convert a significant number of renters into homeowners. TOPA can however, add significant expense and delay to a transaction.
TOPA ASSURANCE PLAN™
Get more information about our proprietary systems and methods that eliminate the worry of TOPA for sellers of multifamily properties.
