The COPA forms have been updated to reflect changes in the law and they are now available on the zipForm platform!
Going forward, the SFAR COPA forms are available on zipForm and can no longer be accessed via the SFAR website.
SUMMARY OF RECENT CHANGES TO THE LAW
The initial 5-day notice to qualified non-profit organizations (QNPs) must expire before seller may show the property to a private buyer or allow inspections.
Additional property/tenant specific information must be disclosed where a QNP indicates an interest in making an offer.
The tenants must be provided a tenant “Information Sheet” prepared by the Mayor’s Office of Housing (MOH). The Advisory is currently unavailable. SFAR has created a form to help satisfy this requirement.
Sellers have a new disclosure requirement to QNPs which made a first offer that was rejected (or did not have the opportunity to do so) . Seller must provide the QNP with all disclosures provided to the Buyer who is conditionally in contract to purchase the property and must also provide a summary of the real estate commissions owed to buyer’s broker.
If Seller does not sell within 1-year after the first notice of intent to sell (COPA 4), a new notice must be sent (and QNP rights of first offer thereafter reinstated).
If a Seller elects to withdraw a property from the market after the first notice has been sent to QNPs, the Seller must notify all QNPs of this withdrawal from the market. A new form has been created for this purpose.
UPDATED COPA FORMS
COPA Advisory for Sellers and Buyers (COPAADV):
Summarizes each of the new requirements outlined above.
List of QNPs and COPA Procedures and Timelines (COPA 1):
References the new requirements outlined above.
Required Rental Information (COPA 3):
Added fields for new required information, including: the number of bedrooms in each rental unit; each tenant’s move-in date; the base rent for each rental unit; building costs passed through to each tenant, if any; whether there is a written lease or rental agreement; and the annual expenses for the property.
Intent to Sell Notification (COPA 4):
Added “OR RE-NOTICE” to the title of the form. The form now references the requirement that the property must not be shown to private buyers until after the 5-day notice to the QNPs has expired. Added a provision for an annual Re-Notice per the new requirement.
Notice to QNP of Conditional Sale (COPA 7):
References the new disclosure requirements to applicable QNPs once a property has a contract for Conditional Sale, including attaching all disclosures provided to buyer, and that the buyer-side commission be disclosed.
New Form: City COPA Information Sheet to Tenants (COPA 10):
Provides information on COPA to the tenants and identifies QNPs that have expressed an interest in the property.
New Form: COPA Notice of Election to Withdraw Property for Sale (COPA 11):
Self-explanatory per form title; provided per new requirements.
Except as summarized above, the COPA forms remain substantively the same.