If I am a landlord who only owns a single condo, tell me about TOPA

[Anonymous]

I'm getting ready to rent my one-bedroom condo. It's my only rental property (or, will be, once I buy a new primary residence.) I may or may not decide to sell it within the next three years. Am I exempt from TOPA restrictions because I only one the one property? What are the potential pitfalls here?

[Anonymous]

Topa covers renters even if they rent your kitchen and stay there for 24 hours. Many cases where you cant sell the property because of topa

[Anonymous]

You are not exempt from TOPA. Read the law, for starters.
http://dc.urbanturf.com/articles/blog/topa_abuse_or_intended_use/11625

[Anonymous]

As an owner of a single rental property you may be exempt from the fair housing act.

[Anonymous]

Anonymous wrote:As an owner of a single rental property you may be exempt from the fair housing act.

This. Plus, you'll be exempt from DC's Rent Control law.

You are NEVER exempt from TOPA. That said, it may work out nicely for you if your renter wants to buy your place. You can save 6% in selling fees. But be sure to vigorously vet your tenant: call their employer, most recent three landlords, full credit and legal report, accounting of assets & liabilities, etc.

[Anonymous]

http://www.nbcwashington.com/investigations/Tourists-in-Short-Term-Rentals-Vie-for-TOPA-Payouts-in-Extreme-Interpretation-of-DC-Law-424106524.html

[Anonymous]

http://www.nbcwashington.com/investigations/Some-DC-Renters-Make-Tens-of-Thousands-of-Dollars-Exploiting-Decades-Old-Law-421942054.html

[Anonymous]

http://www.nbcwashington.com/investigations/Key-DC-Council-Member-Says-Law-Being-Exploited-by-Renters-Needs-to-Change--422140523.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:As an owner of a single rental property you may be exempt from the fair housing act.

This. Plus, you'll be exempt from DC's Rent Control law.

You are NEVER exempt from TOPA. That said, it may work out nicely for you if your renter wants to buy your place. You can save 6% in selling fees. But be sure to vigorously vet your tenant: call their employer, most recent three landlords, full credit and legal report, accounting of assets & liabilities, etc.

You're only exempt from rent control if you obtain an exception from DCHD. You're not automatically exempt.
You are not exempt from TOPA under current law. There is a proposal that could change that, but it is not law yet and it may never become law.

[Anonymous]

You are also not exempt from general landlord-tenant rules, such as allowing tenants to remain so long as they comply with the lease requirements (and you are not planning to live there).