Hcidla Buyout Agreement

hcidla.lacity.org/sites/default/files/documents/cash_for_keys_notice_english.pdf A Buyout Agreement is a written agreement whereby a lessor pays money or other consideration to a tenant to voluntarily draw the price of a rent stabilization settlement (RSO). A buy-back contract is not an eviction announcement. As of January 25, 2017, written repurchase agreements must meet the requirements of the OPH. The Los Angeles City Council approved an amendment to the RSO (Decree 184673) to require notice from tenants prior to the execution of a “Cash for Keys” contract. The Buyout Notification Program (LAMC 151.31) provides for the regulation, monitoring and application of voluntary empty spaces in RSO rental units pursuant to a buy-back agreement. In order to promote fairness in negotiations and buy-back agreements, landlords must inform tenants of their RSO rights before executing a buy-back contract. Disclosure notifications must be submitted to the City and must provide: Mail: HCIDLA – Rent stabilization Division – 1200 W. 7th Street, 8th Floor, Los Angeles, CA 90017 The owner must submit the notice of disclosure and the sales contract executed with HCIDLA to the tenant and renter within 60 days of signing the sales agreement. Executed disclosure notifications and repurchase agreements can be submitted by: ..

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