[JGo9]

With PTAFA going into effect on June 23, 2018 I was wondering if we would have to give a disclosure addressing PTAFA at closing again. I believe when it was effective previously there was a disclosure that went along with it. I don’t recall hearing anything about a disclosure in today’s Master Group section. I’ve looked at the manual and I don’t see any mention of a disclosure either (I could be overlooking it).

If a disclosure is required can you provide a link to the disclosure?

I thought I would as to get clarification.

Thanks,

[jholzknecht]

PTAFA does not now, and did not in the past, require a notice at closing. If you foreclose and there is a tenant that is to be removed, a 90-day notice is required.

[celesterust]

We have quite a few rental properties on our books. One of the few times I’ve seen foreclosures since I’ve been with the bank was when we got back several houses all at once that all belonged to one borrower. (This was prior to the June date.)
The information I’ve read says a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice – what if the property is resold as rental property?
Thanks,
Celeste

[Author]

Posts