SB3674

Illinois SB3674 establishes a right of first refusal for tenants in multi-unit residential rental properties.

Illinois SB3674, known as the Multi-Unit Residential Rental Property Right of First Refusal Act, grants tenants in multi-unit rental properties the right to purchase the property if the owner decides to sell. The owner must provide written notice to tenants and the tenants' association, offering them the opportunity to buy the property at a price and terms that represent a bona fide offer of sale. If the tenants, through their association, do not execute a contract within 60 days, the owner is not obligated to sell to them unless they offer the property at a materially lower price.