What is my responsibility as a SELLER of a rental property with 5 or more units?

Sellers should make sure that potential buyers are aware of the ordinance either directly or through their broker.

If you are planning on selling a multiple-family rental housing building having 5 or more dwelling units where at least 20 percent of the units rent for an amount that qualifies as “affordable” in Ramsey County, additional requirements will apply. Please contact the Community Development Department for more details.

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1. What is the Tenant Notification Ordinance?
2. What does it mean for renters?
3. Why was the ordinance adopted?
4. When does the ordinance apply?
5. Who needs to be notified?
6. Are there income restrictions that apply?
7. Does a tenant have to move out during the 3 month notification period to qualify for relocation assistance?
8. Does the ordinance apply if a building changes property management?
9. When does the new owner have to provide relocation benefits?
10. Do property sales include transfers of ownership to family members, or as the result of inheritance?
11. Does the ordinance apply to bank-owned or foreclosed properties?
12. What is my responsibility as a SELLER of a rental property with 5 or more units?
13. What are my responsibilities as a BUYER of a rental property with 5 or more units?
14. Can I raise rents, facilitate non-renewals without cause, make material changes to the lease, or re-screen existing residents during the tenant notification period following the ownership transfer?
15. Are there any restrictions after the 90-day tenant notification period expires?
16. If a lease expires during the three-month notification period, can I raise the rent?