A bill to provide tenants with the first opportunity to purchase certain rental properties from landlords.
Creates the "Tenant Opportunity to Purchase Act," the bill outlines the conditions under which a sale offer is considered bona fide, defines key terms such as rental agreement, rental property, rental unit, sale, tenant, and tenant association, and mandates that landlords must offer tenants or tenant associations the chance to buy the rental property under terms that constitute a bona fide offer of sale before it can be offered for sale to third parties.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
