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Your Legal Corner - Client Alert Blog

LA City Tenant Buyout Offers

Written By: Melissa C. Marsh, Esq., California Attorney, February 2021 Add to Favorites

Landlords who own a rental property in the City of Los Angeles and wish to pay a tenant to voluntarily move out of a Rent Stabilized Unit (RSO) unit, are required to complete a form Disclosure Notice and a written Buyout Agreement and file both with the Los Angeles Housing Department.

The Los Angeles City Council approved (Ordinance # 184673), an amendment to the RSO, to require landlords with an LA CITY RSO property to provide a disclosure notice to tenants BEFORE presenting or offering a tenant a “cash for keys” agreement, or tenant buyout agreement.

The Tenant Buyout Notification Ordinance (LA Municipal Code – LAMC 151.31) provides for the regulation, monitoring and enforcement of voluntary vacancies of RSO rental units occurring pursuant to a Cash for Keys Agreement or Buyout Agreement.

The Disclosure notice is a form that can be downloaded from the Los Angeles Housing Department and informs the tenant: (1) they are not required to accept a buy-out agreement, (2) the present relocation assistance required for no fault terminations; (3) the contact information for LAHD, and (4) that even if they accept a Cash for Keys Agreement or tenant buyout agreement, that they may rescind or cancel the cash for keys agreement within 30 days of acceptance, or at any time if all of the requirements are not met.

If the Tenant Buyout Disclosure Notice is signed by the tenant, the landlord can then present the tenant with a proposed Cash for Keys Agreement, or Tenant Buyout Agreement, but the Agreement itself must also strictly comply with ALL of LA city's requirements.

If the tenant accepts a Tenant Buyout Agreement, or Cash For Keys Agreement, the landlord must file a copy of the signed Buyout Disclosure Notice and the signed Buyout Agreement with the City within 60 days. If the agreement fails to contain all of the requirements set forth by the ordinance, comma the tenant can cancel that agreement at any time.

Tags: LA City Tenant, tenant buyout, tenant cash for keys
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Located in Los Angeles, California, the Law Office of Melissa C. Marsh handles business law and corporation law matters as a lawyer for clients throughout Los Angeles including Burbank, Sherman Oaks, Studio City, Valley Village, North Hollywood, Woodland Hills, Hollywood, West LA as well as Riverside County, San Fernando, Ventura County, and Santa Clarita. Attorney Melissa C. Marsh has considerable experience handling business matters both nationally and internationally. We routinely assist our clients with incorporation, forming a California corporation, forming a California llc, partnership, annual minutes, shareholder meetings, director meetings, getting a taxpayer ID number (EIN), buying a business, selling a business, commercial lease review, employee disputes, independent contractors, construction, and personal matters such as preparing a will, living trust, power of attorney, health care directive, and more.