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:
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As residential property managers for Coldwell Banker Bain Property Management Division, we manage single family residences, individual condominium units and small apartment complexes in the greater Puget Sound region. We serve Seattle, Tacoma, Anacortes, Marysville, Bainbridge Island, Lynnwood, Everett, Redmond, Bellevue and many other cities in Washington State. We also offer full service commercial property management services.