Does TOPA Apply If The Tenant Leaves Before Settlement?
This is Deirdre Brown your settlement agent serving the District of Columbia, Maryland and Virginia.
Today I am going to answer a TOPA question that I receive quite often. In this instance, a selling agent called me and said that a listing agent had told him that because the tenants were moving out before settlement TOPA did not. The Realtor wanted to know if this was a true statement. No it is not a true statement. TOPA still applies. Just because a tenant moves out, in most cases, does not extinguish their TOPA rights. I recommended that the Realtor go back to the listing agent and make sure that TOPA was executed properly and that proof was given to the title company. If you have TOPA related questions whether you are on the listing or the selling side of a transaction, please reach out to me so that I can guide you through the TOPA process.
For more TOPA and title related videos visit my website at lexicontitle.com