Post date: Jan 13, 2017 12:47:30 AM
If a landlord wants to offer a buyout to their tenant, written or oral, they must inform their tenants of their RSO rights before executing a Buyout Agreement by providing them an RSO Disclosure Notice signed and dated by the landlord and tenants.
a. The Buyout Agreement needs to be written in the tenant's primary language and state the following in minimum of 12 point bold type font above the tenant's signature line:
"You, (tenant name), may cancel this Buyout Agreement any time up to 30 days after all parties have signed this Agreement without any obligation or penalty."
b. Every Buyout Agreement needs to be signed by the landlord and tenant.
c. A copy of the fully executed Buyout Agreement needs to be given to the tenant..
a. The tenant has the right to cancel the Buyout Agreement for any reason for up to 30 days after it is signed/executed by the landlord and tenant WITHOUT any financial obligation or penalty.
b. Whenever an RSO Disclosure and/or Buyout Agreement does not conform to the RSO requirements, the tenant has the right to cancel the Buyout Agreement through the applicable statute of limitations period.
The landlord needs to file with LARSO copies of the RSO Disclosure Notice signed by tenant and landlord, and the Buyout Agreement within 30 days of executing it.
Link to HCIDLA Buyout Agreements - as of 1/12/17, only content on this page is "New page for Buyout Agreements."