by Andrea Cavanaugh, Consumer Specialist, Santa Monica Consumer Protection Division

A spate of buyout offers, fueled by a red-hot real-estate market, prompted the Santa Monica City Council to pass new regulations in 2015. 

The new rules require owners to:

Before any buyout offer, give tenants a form provided by the Rent Control Board, advising them of their rights:
they don’t have to accept a buyout;
they can change their minds within 30 days; and
they can consult with an attorney and the Rent Control Board before accepting;
Make all buyout agreements in writing;
File all buyout agreements with the Rent Control Board; and
Retain for five years copies of disclosures signed by tenants, along with the dates the disclosures were given to tenants.

Read More: http://smdp.com/what-if-my-landlord-offers-me-money-to-move-out/162613