Introduction to Opportunity to Purchase
Opportunity to Purchase (OTP) requires tenants of rental properties be the first to receive notice of sale of the property and have the first opportunity to buy it. With OTP, people are given time to organize and notify the property owner their intent to buy or not.
OTP laws have most frequently been enacted for manufactured/mobile home parks (MHPs) because of the unique situation where tenants often own their homes but rent the property their home sits on. Washington, D.C. has the most robust OTP policy in the country, named the Tenant Opportunity to Purchase Act (TOPA). Washington, D.C. is one of the few areas which have applied OTP laws to other types of housing. The video below outlines the basics of TOPA.
(The information in the video is based on an interview with a co-op in Washington DC that converted their apartment complex to a co-op using OTP)
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