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From the Forum – Tenant Opportunity to Purchase Act (TOPA)

Photo by PoPville flickr user ekelly80

Tenant Opportunity to Purchase Act (TOPA):

“So I’ve recently learned that my landlord is seeking to sell and that there is this thing called the Tenant Opportunity to Purchase Act, or TOPA, which gives current tenants the right of first refusal and the right to express an interest in buying the place building before a landlord can solicit offers from non-tenants.

Has anyone had any experience with this? I expect eventually I’ll need to talk to an attorney, but I am interested in how one goes about finding potential third-party investors to pool capital. I understand that one think TOPA permits is the assigning of the right of first refusal and that sometimes tenants work out a shared ownership deal in exchange for assigning the right.

Any personal experiences out there?”

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