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THE TOPA PROCESS

Step 1: Owner Decides to Sell

Step 2: Owner Offers to Tenants

Step 2: Owner Offers to Tenants

Owner decides to sell a property in which a tenant currently resides. This includes all rental properties, including single family homes and duplexes.

Step 2: Owner Offers to Tenants

Step 2: Owner Offers to Tenants

Step 2: Owner Offers to Tenants

Owner notifies tenants and "Qualified Housing Nonprofits" of intent to sell with asking price. This provides tenants and nonprofits a First Right of Offer.

Step 3: Owner Waits

Step 2: Owner Offers to Tenants

Step 4: Owner Decides

Owner waits up to 80 days for tenants or nonprofits to provide an offer. The owner may not list or market the property on the open market during this period.

Step 4: Owner Decides

Option A: Owner Accepts Offer

Step 4: Owner Decides

If an offer is presented, owner decides to accept or reject the offer. If an offer is not provided, the owner may go to the open market for a third party offer.

Option A: Owner Accepts Offer

Option A: Owner Accepts Offer

Option A: Owner Accepts Offer

If the owner accepts an offer from the tenant or Nonprofit, the owner must wait 60 days for the property to either close in a sale or fail to close.

Option B: Owner Rejects Offer

Option A: Owner Accepts Offer

Option A: Owner Accepts Offer

If owner rejects offer and goes out to the open market, once a third party offer is received, an owner must go back to tenants to offer them First Right of Refusal. Owner waits 10 days for response from tenants.

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