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Option to Purchase Package - District of Columbia

Option to Purchase Package - District of Columbia 2025

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The document is a guide for the 'Option to Purchase Package' provided by U.S. Legal Forms, Inc., which includes various forms and agreements related to purchasing real estate. It outlines the purpose of an option agreement, lists included forms such as residential and commercial purchase options, provides descriptions of each form, offers tips for completing them, and includes a disclaimer regarding legal advice and liability.

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Click ‘Get Form’ to open the Option to Purchase Package in the editor.
Begin with the 'Option to Purchase Addendum to Residential Lease'. Fill in the lessor and lessee details, ensuring you specify the property address and lease term.
Next, complete the 'Residential Lease Agreement' by entering rental terms, including monthly rent and property usage restrictions.
Proceed to fill out the specific option forms for real estate transactions. For example, if purchasing a residential home, provide details such as sales price and option money in the corresponding fields.
Review all entered information for accuracy. Utilize our platform's features to save your progress or make edits as needed before finalizing.

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How does topa work in DC?

When a rental building is sold5 in Washington, D.C., tenants have unique rights under the Tenant Opportunity to Purchase Act (TOPA), a law embedded in the Rental Housing Conversion and Sale Act of 1980. Under TOPA, tenants can: Buy the building themselves, either as individuals or as a cooperative.

What is the Topa statute in DC?

(a) Before an owner of a housing accommodation may sell the housing accommodation or issue a notice to vacate for purposes of demolition or discontinuance of housing use, the owner shall give the tenant an opportunity to purchase the housing accommodation at a price and terms that represent a bona fide offer of sale.

What is the Topa rule?

The Tenant Opportunity to Purchase Act (TOPA) is a law that says a landlord who wants to sell. a multi-family rental building in DC must first give their tenants the chance to purchase the building.

Does Topa help or hurt affordable housing?

TOPA itself is not an affordable housing tool. TOPA sales are at market rate and tenants must qualify for a loan to purchase the house. TOPA does not make the home more affordable for the tenant.

How does Topa work?

TOPA policies, sometimes known as Community Opportunity to Purchase (COPA) or simply Opportunity to Purchase (OPA), lay out a specific process for the sale of rental units that can include minimum wait times of up to a year before an owner is legally allowed to place their property on the market.

When may a licensee act as a dual representative in DC?

For businesses in District of Columbia, local sales tax is applicable on the sale of all tangible personal property sold at retail, on the rental or leasing of tangible personal property, and on the gross receipts from the rendering of certain services like real property maintenance, landscaping, employment, personnel

How does DC Topa work?

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 rightit stabilizes

Option to Purchase Package - District of Columbia 2025

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