TOPA: New law is finally here!
The new TOPA statute for a single-family home, condominium unit and single-family home with an appurtenant unit is finally in place.
Notices are up on DC Department of Housing and Community Development’s website.
Our underwriters have not come out with their definitive stance on what will now close the loop for TOPA, but we know this – if the property was listed prior to the enactment of the law on July 3, 2018; all of the old rules of TOPA apply.
This means the old notices must be given via certified mail and the formal process must be followed.
If the property was listed on or after July 3, 2018; new rules apply.
At the moment, the underwriters are asking that the new Notices be given as prescribed by the statute and then, to close the loop, tenants are asked to sign a TOPA affidavit.
The GCAAR form 1316 seems to be acceptable, but check in with the title company. All underwriters are different. The concern still being an affirmative step be taken to clarify the tenant is not going to act and is not a risk for title insurance purposes.
We’ll continue to share TOPA updates as they come in.
- Workshop today on recent changes to DC’s TOPA law
- Assignment of TOPA rights (Tenant's Opportunity to Purchase Act): Q&A
- Assignment OF TOPA Rights vs. TOPA Affidavit
- What the TOPA? 3 Options DC Home Owners Should Know
- Did you know? Tenant Opportunity to Purchase Act in Takoma Park, Maryland
- DC - Tenant’s Opportunity to Purchase Act a.k.a. TOPA
- GCAAR Tenancy Addendum no solution to insoluble problem