Massachusetts S998 guarantees tenants' first right of refusal on property sales.

Massachusetts S998 establishes a tenant's first right of refusal on property sales, ensuring tenants have the opportunity to purchase the property before it is sold to a third party. The bill mandates that owners notify tenants of their intent to sell via short-sale or deed in lieu, providing a 60-day window for tenants to express interest. If a tenant association representing at least 51% of households opts to purchase, they must submit a purchase offer within 60 days and secure financing within 90 days.

Massachusetts S998 guarantees tenants' first right of refusal on property sales.

Massachusetts S998 establishes a tenant's first right of refusal on property sales, ensuring tenants have the opportunity to purchase the property before it is sold to a third party. The bill mandates that owners notify tenants of their intent to sell via short-sale or deed in lieu, providing a 60-day window for tenants to express interest. If a tenant association representing at least 51% of households opts to purchase, they must submit a purchase offer within 60 days and secure financing within 90 days.