Bill > S786

This bill seeks to guarantee a tenant's first right of refusal when the owner of a residential building intends to sell the property. Key provisions include: - Municipalities can adopt this law, which requires owners to notify tenants and provide them the opportunity to purchase the property before entering into a sale agreement with a third party. - Tenants can form an association with a minimum participation of 51% of units and have 30 days to submit an offer to purchase the property. If the owner and tenants cannot agree on a sale price, the owner can sell to a third party but must provide the tenant association with the third-party contract for them to match. - The bill outlines specific requirements for the purchase contract offered to the tenant association, such as earnest money deposit limits and refund periods. - The tenant association has 160 days to complete due diligence, secure financing, and close on the purchase. - The law includes exceptions for certain types of residential properties, such as publicly-assisted housing and properties owned by small landlords. - The bill also sets forth processes and tenant protections for short-sales and foreclosures to provide tenants the opportunity to purchase the property.