Bill > S890

This bill aims to guarantee a tenant's first right of refusal when the owner of a residential building intends to sell the property. The key provisions are: 1. A city or town can adopt this local option, which would require property owners to provide notice to tenants and give them the opportunity to purchase the property before the owner can sell to a third party. 2. Tenants can form a Tenant Association with a minimum participation of 51% of the tenant-occupied units, and this association can then submit an offer to purchase the property or select a Designee or Successor entity to do so. 3. The bill outlines specific requirements for the purchase contract that must be offered to the Tenant Association, including terms related to the earnest money deposit, due diligence, and closing timeline. 4. The bill also includes provisions for tenant rights in the context of short sales and foreclosures, requiring owners and mortgagees to provide notice to tenants and give them an opportunity to exercise a right of first refusal. 5. The Department of Housing and Community Development and the Attorney General are tasked with enforcing the various provisions of the bill.

Budget and Finance, Housing and Urban Affairs

https://malegislature.gov/Bills/192/S890