If you are currently renting a residential property in the United States of America, there’s a good chance you’ve heard of “tenant buyout” at some point during your tenancy – whether it was just in passing, or aimed directly at you by a landlord. However, tenant buyout is an unfamiliar concept to many people. Just what is it, and how will it affect your tenancy? One Internet search gives off the impression that a San Francisco tenant buyout is something to be negotiated or outright fought against.
Keep reading this article to learn all about what a tenant buyout is and how it interacts with your rights as a renter.
Defining Tenant Buyout
In the state of California, tenant buyout is officially recognized as an agreement between a landlord and a tenant that, in exchange for monetary payment, the latter party will vacate the residence – provided that the property is covered as an RSO. A San Francisco tenant buyout differs from an eviction in that a tenant always has a choice in whether or not to leave. The factor has been officially set in place by California law.
Know Your Rights
In addition to the law regarding tenant choice, described above, there are a few other rights guaranteed to a tenant who has been offered a San Francisco tenant buyout. First, if the landlord violates any of the formal procedures mandated by state law, the tenant is granted the freedom to pursue legal action or void the tenant buyout agreement altogether. The latter choice will not result in any legal punishment toward the tenant. Barring any illegitimate dealings, the tenant is also free to void the agreement within 30 days following the submission of their written approval.
Finally, the tenant is always free to speak with a legal expert who specializes in San Francisco tenant buyout.
Are you a San Francisco tenant who’s been served a tenant buyout agreement? Consult Elke & Merchant, LLP for help by calling 415-294-4111 or visiting their official website.
