A. Landlord's disclosure prior to buyout offer. Prior to making a buyout offer, a landlord shall provide the tenant a written disclosure, on a form approved by the housing division, that shall include all of the following:
1. A statement the tenant has a right not to enter into buyout negotiations or a buyout agreement;
2. A statement the tenant may choose to consult with an attorney before entering into a buyout agreement;
3. A statement the tenant may rescind the buyout agreement for up to 45 days after it is fully executed;
4. A statement the tenant may contact the housing division for information about other buyout agreements in the tenant's neighborhood and other relevant information;
5. Any other information required by the housing division consistent with the purpose and provisions of this § 15.09.335; and
6. A space for tenant to sign and write the date the landlord provided the tenant with the disclosure.
B. Requirement for buyout agreements. A buyout agreement that does not satisfy all the requirements of this § 15.09.335 shall be deemed void and of no force or effect. The buyout agreement shall:
1. Be in writing in the tenant's primary language. The landlord shall give tenant a copy of the proposed buyout agreement at least ten business days before it is executed.
2. Include the following statement in bold letters in at least 14 point type in close proximity to the space reserved for the tenant's signature:
(a) "You may cancel this buyout agreement in writing at any time before the forty-fifth (45th) day after all parties have signed this buyout agreement."
(b) "You have a right not to enter into a buyout agreement."
(c) "You may choose to consult with an attorney before signing this buyout agreement. The Culver City Housing Division may also have information about other buyout agreements in your neighborhood."
3. Provide to the tenant a copy of the fully executed buyout agreement.
4. Include a buyout amount that is no less than the amount of relocation assistance required by § 15.09.325.A.
C. Rescission of buyout agreement. A tenant shall have the right to rescind a buyout agreement for up to 45 days after its execution by all parties. In order to rescind a buyout agreement, the tenant must hand-deliver, email, or send by certified mail, return receipt requested, a statement to the landlord indicating the tenant has rescinded the buyout agreement.
D. Filing of buyout agreement and disclosure notice. The landlord shall file a copy of the executed buyout agreement, along with proof of service to the tenant of the disclosure notice as required in this § 15.09.335, within 20 days after the buyout agreement is executed by all parties. Buyout agreements and disclosure notices shall be filed with the housing division.
(Ord. No. 2020-015 § 2)