TOPA Options
Under TOPA, tenants must agree as a group on how they want to use their TOPA rights. They do this by forming a tenant association. Tenants then have the option to decide as an association to use their TOPA rights to either purchase the property themselves, or decide who purchases it and under what terms. Listed below are the ways the tenant association can choose to exercise their TOPA rights:
Continue Renting
Tenants can give their right to purchase the building to a buyer of their choice. In exchange, they can negotiate for rent protections, repairs, and other benefits.
Purchase a Building by Forming a Co-op
Tenants can purchase and manage the building as a group by forming a co-op. In this option the co-op is a corporation that owns the building and each tenant is a member of the co-op that owns a share of the corporation.
Purchase a Building by Converting to Condo
Tenants can form a condo and buy the property by each buying their own unit.
Negotiate Other Move Out Option
If your building is up for sale, you still have the right to stay through a sale, and to keep your existing leases. You do not have to move or sign a new lease during this time.