Assignment of TOPA rights (Tenant's Opportunity to Purchase Act): Q&A
Q: Can TOPA rights be assigned without a contract?
A: With our without a contract, TOPA rights can be assigned.
Q: How much (consideration) does the landlord/owner need to pay the Tenant to make the assignment valid?
A: Most title insurance underwriters agree that there must be at least $300.00 of consideration which can be in the form of rent abatement/waiver, moving expenses, or cash payment.
Q: What forms must be provided to the tenant prior to the existence of a contract?
A: The landlord/owner must provide TOPA Form B by certified mail before tenant signs the agreement to assign. Because the rights of first refusal will be assigned concurrently with the rights to purchase, it is not necessary to provide Form C.
Q: What forms must be provided to the tenant with the existence of a contract?
A: The landlord/owner must provide TOPA Form A by certified mail before tenant signs the agreement to assign.
Q: Once the Assignment is signed by both landlord/owner and tenant, is there a waiting period before settlement can occur?
A: No. However, do note that either Form A or Form B must be sent by certified mail in order to satisfy the legal requirements such that the rights become legally assignable.
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