Bill > SB501

This bill establishes the Keep Montanans Housed Act, which provides tenants with a right of first refusal when their landlord intends to sell a rental property. Under this legislation, before a landlord can sell a rental unit or issue a notice to vacate for reasons like demolition or selling, they must first offer the property to the current tenant at a fair market price. The landlord must provide the tenant with a written offer, which cannot be more expensive than the property's comparable market value or appraised value. The tenant then has 45 days to accept the offer, and they may challenge the offer's fairness by requesting an appraisal at their own expense. If the tenant rejects the offer or does not respond within the 45-day window, the landlord can then sell the property to a third-party purchaser at the same terms. The bill is designed to give tenants more housing stability and a potential opportunity to become homeowners, and it will become effective on July 1, 2025. The legislation will be incorporated into Montana's existing landlord-tenant laws under Title 70, Chapter 24, Part 1.

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https://bills.legmt.gov/#/laws/bill/2/LC1073