July 28th, 2020 | Owning or managing rental housing, Rental Property Owners|
The Los Angeles City Council approved (Ordinance # 184673) an amendment to the RSO to require notice to tenants prior to executing a “cash for keys” agreement. The Tenant Buyout Notification Program (LAMC 151.31) provides for regulation, monitoring and enforcement of voluntary vacancies of RSO rental units occurring pursuant to a Buyout Agreement. To promote fairness during buyout negotiations and agreements, landlords must inform tenants of their RSO rights before executing a Buyout Agreement. Disclosure notices must be filed with the City and must provide the following:
Last modified: July 28, 2020