The Los Angeles City Council approved an amendment to the RSO (Decree 184673) to require notice from tenants prior to the execution of a “Cash for Keys” contract. The Buyout Notification Program (LAMC 151.31) provides for the regulation, monitoring and application of voluntary empty spaces in RSO rental units pursuant to a buy-back agreement. In order to promote fairness in negotiations and buy-back agreements, landlords must inform tenants of their RSO rights before executing a buy-back contract. Information notifications must be submitted to the city and must provide the following information: A sales contract is a written agreement by which a lessor pays money or other consideration to a tenant to voluntarily draw the price of a rent stabilization settlement (RSO). A buy-back contract is not an eviction announcement. As of January 25, 2017, written repurchase agreements must meet the requirements of the OPH. hcidla.lacity.org/sites/default/files/documents/cash_for_keys_notice_english.pdf The owner must submit the disclosure notification and the sales contract executed to HCIDLA within 60 days of the signing of the repurchase agreement. Executed disclosure communications and repurchase agreements may be submitted by: . Mail: HCIDLA – Rent Stabilization Division – 1200 W.
7th Street, 8th Floor, Los Angeles, CA 90017.