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Why Wait? Buyout Now.
Lately, you’ve probably heard about a lot of things residential building owners can’t do in the landlord-tenant arena. However, something they CAN do right now is a mutually beneficial buyout agreement. Simply put, buyouts occur when a landlord offers a tenant a sum of money (sometimes with a rent waiver) in exchange for the tenant’s agreement to vacate the property voluntarily.
Mutually Beneficial Buyouts: Landlords
A buyout would be valuable to landlords where they otherwise, either because they lack “just cause” or because of current Covid-19 ordinances, wouldn’t be able to regain possession of the unit. If a landlord has a pending eviction that has been stalled by state or local moratoriums and court stays, a buyout could fast-track the process.
Mutually Beneficial Buyouts:
On the other hand a buyout might be an attractive option to a tenant who is facing an eventual no-fault eviction, is having financial trouble and can no longer afford the unit, or is ready to relocate. A lump sum of cash can help address the stress of moving. The benefit to the owners is pretty self-evident. They can sell empty, move in, or re-rent at market level. In San Francisco, buyouts are heavily regulated and require strict compliance with disclosures to the Rent Board and specific language in the actual document. Failure to comply renders the entire deal invalid and can expose both parties to liability.
Drafting San Francisco Buyout Documents
While buyouts are usually a win-win for all involved, negotiating and drafting them requires experienced legal counsel to ensure that each side gets exactly what they bargained for and that the agreements are legally compliant.
The attorneys at Steven Adair MacDonald & Partners, P.C. have successfully negotiated thousands of buyouts for both landlords and tenants and are available now to discuss this option.
For more on buyouts, check out Anna Liu’s video on common legal restrictions on negotiating buyouts. We are actively helping and advising clients right now. How can we help you?
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