Offer of Sale - Frequently Asked Questions (FAQ)

On Wednesday, October 20 tenants received notice that a company called Equity Residential has put in an offer to buy our building. This document tries to answer some of the most common questions people have in a situation like this.

If the building is sold…

• What does this mean?
• Will I be forced to leave?
• Will my rent go up?
• Will the rent increase more if the landlord makes capital improvements to the building?
• If the tenants purchase the building, are we obligated to purchase our unit?
• Why should we exercise our right of first refusal?

Understanding the Tenants Association

• Why is it important to have a Tenant Association?
• How can I join the Tenant Association?
• Will I have to contribute money to the Tenant Association? Why?
• Why would tenants be interested in buying the building?

Exercising our right to purchase the building

• What do tenants need to do to buy the building?