In the city of Seattle, owners of some multi-family properties are required to notify the city prior to listing the property for sale. When the property contains five or more units and at least one of the units is considered affordable to a household earning 80% or less of area median income, the owner must notify the city of the intent to sell at least 60 days prior to listing the property. A penalty of up to $500 may be assessed against owners who fail to comply.
The Commercial Brokers Association recommends that brokers notify sellers of this requirement in writing. More information can be found here:
www.seattle.gov/housing/intent-to-sell
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There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.
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