What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
The TOPA Arbitrator: This DC Company Wants to Help Tenants Buy or Sell Their Rights
✉️ Want to forward this article? Click here.
In a city with famously tenant-friendly laws, the Tenant Opportunity to Purchase Act (TOPA) is perhaps the most crucial in DC, giving renters the right of first refusal when their landlord plans to put the property on the market.
And naturally, there is now a company that wants to help those renters either buy or sell those lucrative rights.
TOPA Market is a Capitol Hill-based business that advises tenants who learn that their home is for sale. The company will explain the renter’s options and assist them in negotiating a favorable outcome.
TOPA Market is run by law firm In Rem, a company led by Andrew McGuire. McGuire has advised on several TOPA-related cases during his 20-plus years practicing law, and TOPA Market was founded nearly a year ago in order to focus solely on cases like these.
story continues below
loading...story continues above
“In the last year, we’ve helped [at least six clients] recoup over $100,000 in assignment fees, probably another 12 months of free rent or abated rent, and probably another $10,000 or $20,000 in back rent or other debts owed to landlords written off,” McGuire told UrbanTurf.
TOPA allows renters to either purchase the property they live in or use their right of first refusal as leverage to secure repairs or moving expenses, cash buyouts or other negotiated benefits. TOPA Market gets compensated via a percentage of whatever payment that is negotiated for the tenant: one-third of any negotiated awards if the matter is settled prior to litigation, or 40 percent if the case goes to court.
With a firm dedicated to negotiating TOPA-related issues for tenants, we can expect more home sales playing out similarly to the situation with this house on Capitol Hill last year.
Similar Posts:
See other articles related to: right of first refusal, tenant rights, topa
This article originally published at https://dc.urbanturf.com/articles/blog/got_topa_this_company_wants_to_help_you_exercise_your_right_of_first_refusa/12297.
Most Popular... This Week • Last 30 Days • Ever
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro