Tenant Buyouts
April 5, 2023
April 5, 2023
We often get asked about tenant buyouts when a client is considering purchasing a tenant occupied property. What does it entail, and what does it mean for the residence owner going forward?
This is an overview and not meant to provide legal advice. For most cases involving evictions of any form, it is best to consult a real estate attorney.
Before buyout discussions take place, the landlord needs to do the following:
Provide tenants a Pre- Buyout Negotiations Disclosure Form. The signed disclosure form as well as a record of the date the landlord delivered the disclosure to tenants needs to be retained for at least five years.
After serving tenants with the Disclosure Form, the landlord needs to file a Declaration of Landlord Regarding Service of Pre-Buyout Negotiations Disclosure Form with the Rent Board.
After these steps have been taken:
The buyout agreement can be executed 30 days or more after buyout discussions began.
The buyout agreement needs to be in writing and include a statement informing the tenant that they can cancel the agreement at any time for 45 days after the signing.
The landlord needs to file a copy of the fully signed agreement with the Rent Board within 14 days after the tenant’s deadline to cancel the agreement expires (between 46 and 59 days after the agreement was signed by all parties). In the event the landlord doesn’t file the agreement by the 59th day, the tenant can file a copy and have the option to void any part of the agreement in which the tenant waived their rights.
Note that all buyout agreements filed with the Rent Board are available to the public in a database. If the landlord doesn’t comply with the above requirements, the landlord will be liable for tenant’s damages as mentioned in Rent Ordinance Section 37.9.E.
Evictions in SF can be complicated, so regardless of the specific situation it is always wise to consult with an attorney.
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Provided Courtesy of Ascend Real Estate
Provided Courtesy of Ascend Real Estate
Provided courtesy of Ascend Real Estate
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