Massachusetts S880 guarantees tenants' first right of refusal when their residential building is for sale.

Massachusetts S880, also known as An Act to guarantee a tenant’s first right of refusal, provides tenants in a residential building with the right to purchase the property before any third-party buyer when the owner intends to sell. The bill outlines specific procedures for notifying tenants, allowing them to form a Tenant Association, and providing them with the opportunity to match any third-party offer. It also details the requirements for purchase contracts, including earnest money deposits and closing timelines.

Massachusetts S880 guarantees tenants' first right of refusal when their residential building is for sale.

Massachusetts S880, also known as An Act to guarantee a tenant’s first right of refusal, provides tenants in a residential building with the right to purchase the property before any third-party buyer when the owner intends to sell. The bill outlines specific procedures for notifying tenants, allowing them to form a Tenant Association, and providing them with the opportunity to match any third-party offer. It also details the requirements for purchase contracts, including earnest money deposits and closing timelines.