TOPA: Lease & Move In Date
Hello this is Deirdre Brown your settlement agent serving the District of Columbia, Maryland and Virginia. In this video I will clarify the lease and move in dates that trigger the possibility of first right of refusal for a single family property. In order for a tenant to be eligible for first right of refusal under the Single Family Exemption Act of 2018, the property must be a single family home or a single family home with an accessory dwelling unit, the tenant must be elderly or disabled and signed a lease agreement on or before March 31, 2018 and moved in on or before April 15, 2018. This means that even if your tenant is elderly or disabled if they did not sign a lease by March 31, 2018 and take possession of the property April 15th of 2018 the tenant does not have first right of refusal. However, the landlord must still give notice of the selling of the property via Form 1 and in most cases will need to have an title insurance underwriter’s affidavit signed. This TOPA service is good for one year.
If you need more details about serving TOPA please reach out to me at lexicontitle.com