Illinois SB3762 grants tenants and tenant associations a right of first refusal to purchase rental properties before owners can sell to third parties.
The Tenant Opportunity to Purchase Act in Illinois, SB3762, establishes a statutory right of first refusal for tenants and tenant associations when an owner intends to sell a residential rental property. This Act applies to all rental properties except for certain transfers such as those made in connection with a living trust, bankruptcy, or tax foreclosure. Tenants or tenant associations can purchase the property on the same terms as a third-party offer. Owners must provide advance notice of intent to sell, with deadlines varying based on the number of units in the property.
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