5.14.080 Tenant buyout agreements.
(1) Landlord’s Disclosure Prior to Buyout Offer. At the time a proposed buyout agreement is provided, the landlord shall provide each tenant in the rental unit a written disclosure, on a form approved by the department, in English and in the tenant’s primary language if other than English, translated at the landlord’s expense, that shall include all of the following:
(a) A statement that the tenant has a right not to enter into buyout negotiations or a buyout agreement;
(b) A statement that the tenant may choose to consult with an attorney before entering into a buyout agreement;
(c) A statement that the tenant may rescind the buyout agreement for up to 30 days after it is fully executed;
(d) A statement that the tenant may contact the department for information about other buyout agreements in the tenant’s neighborhood and other relevant information;
(e) Any other information required by the department consistent with the purpose and provisions of this section; and
(f) A space for each tenant to sign and write the date the landlord provided the tenant with the disclosure.
(2) Requirement for Buyout Agreements. The buyout agreement shall:
(a) Be in writing in English and the language in which the buyout agreement was negotiated if other than English, translated at the landlord’s expense. The landlord shall give each tenant a copy of the proposed buyout agreement at least 45 days before the agreement is executed by the parties.
(b) Include the following statement in bold letters in at least 12-point boldface type in close proximity to the space reserved for the signature of the tenant:
(i)
“You may cancel this buyout agreement in writing at any time before the thirtieth (30th) day after all parties have signed this buyout agreement.”
(ii)
“You have a right not to enter into a buyout agreement.”
(iii)
“You may choose to consult with an attorney before signing this buyout agreement. The City of Cudahy Community Development Department may also have information about other buyout agreements in your neighborhood.”
(3) Rescission of Buyout Agreement. A tenant shall have the right to rescind a buyout agreement for up to 30 days after its execution by all parties. In order to rescind a buyout agreement, the tenant must hand-deliver, email, or send by certified mail return receipt requested, a statement to the landlord indicating that the tenant has rescinded the buyout agreement.
(4) Filing of Buyout Agreement and Disclosure Notice. The landlord shall provide the tenant a copy of the fully executed buyout agreement within 10 days of execution. Landlord shall also file with the department a copy of the executed buyout agreement, along with proof of service to the tenant of the disclosure notice as required in this section, within 10 days after the buyout agreement is executed by all parties. (Ord. 737 § 2 (Exh. A), 2023).