Topic: Requirements for transition of ownership in Maryland

Greetings,

My company is acquiring a new property in Baltimore County, Maryland. As we are fairly new to this region I have some questions regarding transition of ownership. Are there any requirements regarding transition from a landlord-tenant relationship perspective? For example, are we required to notify all residents of a transition during the process?

Also, there are some residents with a housing choice voucher at the property, although I don't believe the property is under any sort of HUD Use Agreement. What does HUD require of us during the transition process?

Thanks for any input!

Your company should engage a local attorney or a property management firm as a consultant and with HUD directly. Not that you wouldn't get great advice, but asking questions on a forum isn't the way you want to approach this.

Matthew,
If this is not a project based Section 8 property, and it accepts and participates in the Housing Choice Voucher Program, you can contact the local Housing Authority that administers the vouchers for your participating residents. They can certainly guide through the process (it is not difficult or arduous.) As a courtesy to existing residents, the day you close the sale and take possession of the property, then you can notify the residents of the change in ownership/management. Those are just a couple of generic suggestions. Your attorney will advise you on leases obtained in the sale and how to handle that, as well as, any plans for continued/future tenancies.