Washington DC Real Estate Attorney TOPA

[Thomas Addison]

I am looking to purchase a multi family in Washington DC and need to understand the Tenant Opportunity to Purchase Act. Does anyone have experience they can share?

[Russell Brazil]

@Thomas Addison

Tenants in the subject property have the right to purchase the property. Timelines are a little different if it is 2-4 units verse 5+ units. TOPA no longer applies to 1 unit properties. (I was actually heavily involved in getting 1 unit properties exempted).

If the tenants enact their rights (or sell them to a third party) then the process can take many months. I would personally not make an offer on a property unless the tenants had already waived their TOPA rights. Although I did help someone buy last year where the transaction took in total about 6 months in part because of TOPA, at least on the sellers end. The TOPA issue caused multiple contracts to fall apart as the tantants tried to hold out for payment, then we eventually were the 4th contract to come in on it and wait them out.