What Is It?
In a cooperative apartment complex you don't actually own any real estate. Rather, you own shares in a not-for-profit corporation, and you lease your unit from the cooperative.
The conversion of apartments to cooperative ownership is controlled both by Washington state law and by Seattle ordinance. Seattle’s ordinance:
- Provides for relocation assistance to tenants
- Outlines the required inspections for compliance with Seattle’s Housing and Building Maintenance Code
- Allows tenants to buy their own unit
- Requires 90 days notice to tenants who must move out of the converted unit
- Requires notifications to buyers about their responsibilities and costs associated with purchasing a converted unit
If you are converting an apartment to a cooperative, you must:
- Tell tenants about their right to receive relocation assistance
- Provide tenants with information on how to end their lease
- File reports with us about the conversion and the relocation assistance payments
- Have the units inspected by a City inspector, make any needed housing code repairs, and certify and warrant those repairs
This ordinance does not cover:
Read the Code
Read the Seattle Municipal Code (SMC) section about the cooperative conversion ordinance, SMC Chapter 22.903.