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September 9, 2019

COPA Legislation Now In Effect for SF Multi-Unit Building Sellers

The Community Opportunity to Purchase Act (COPA) is now officially in effect for sellers of multi-unit buildings.

I first blogged about the COPA back in June. The legislation wasn’t scheduled to go into effect until September 3, 2019. In a nutshell, COPA gives non-profit housing organizations the first right to purchase residential buildings with three or more units. The city is hoping that COPA will help preserve affordable housing.

Sellers of three or more units now have to provide a formal notice to the Qualified Nonprofits (QNPs) via email prior to marketing the property to the public—and prior to listing the property on the MLS or in a “coming soon” capacity.

There’s essentially an eight-step process a seller needs to take in order to handle a COPA sale properly. A knowledgeable and diligent real estate agent is the best person to assist in this type of sale, and it’s important to engage that professional well before you decide to list the property.

And if you’re purchasing such a building, it’s important to keep the COPA timelines and requirements in mind. They very well may affect a 1031 exchange deadline.

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