TOPA - What Tenants Can do When Your Building is for Sale
TOPA, the Tenant Opportunity to Purchase Act allows tenants of D.C. apartment buildings the right of first refusal on a sale.
TOPA allows tenant groups, Tenant Associations, to step in front of the buyer of the building and negotiate with the seller to purchase their building at the same rice and terms as dictated in the purchase and sale agreement. Tenants are not real estate experts or developers, so TOPA allows tenants to partner with the purchaser or a third party buyer. The developer partner helps tenants achieve their housing goals, whether it be long term affordable housing, specific improvements/repairs to the building, financial incentives to leave the building and/or a chance for home ownership for below market sales prices (condominium conversion).
Building Partnerships can guide you through creating a Tenant Association and put together a team to plan, finance, and renovate your building. If your building has been sold, contact us.