As used in this chapter:
Buyout agreement. The term "buyout agreement" means an agreement wherein the owner of a dwelling unit exchanges money or other valuable consideration to induce any person lawfully entitled to occupancy of such unit to surrender or waive any rights in relation to such occupancy that results in the tenant vacating such unit.
Commissioner. The term "commissioner" means the commissioner of housing preservation and development and any successor thereto.
Department. The term "department" means the department of housing preservation and development and any successor thereto.
(L.L. 2019/102, 6/8/2019, eff. 7/1/2020)
Within 90 days after the execution of a buyout agreement for a dwelling unit, the owner of such unit must electronically provide the following to the department in a manner prescribed by the commissioner of the department:
1. The name of the owner;
2. The address of the dwelling unit that is the subject of the buyout agreement;
3. The amount of money or, if applicable, a description of other valuable consideration agreed upon in the buyout agreement. If such other valuable consideration included the dismissal of a pending action or proceeding, the caption, index number and county in which the pending action or proceeding was venued;
4. The date that the buyout agreement was executed; and
5. The amount of time, in months, remaining in the lease for the subject dwelling unit, provided that a tenant with a legal right to a lease renewal pursuant to state law shall be indicated as having an unlimited number of months remaining.
(L.L. 2019/102, 6/8/2019, eff. 7/1/2020)
Loading...