Michigan HB6086 allows tenants to buy rental properties before owners sell to third parties.

Michigan HB6086, known as the Tenant Opportunity to Purchase Act, requires owners of rental properties to offer tenants or tenant associations the chance to buy the property before selling to third parties. This applies when the owner issues a notice to vacate for demolition or discontinuance of housing use. The offer must be at a price and terms comparable to a willing seller and buyer or the appraised value. Rental properties include apartment units, boardinghouses, rooming houses, and single- or multiple-family dwellings, but exclude hotels, motels, and tourist accommodations.

Michigan HB6086 allows tenants to buy rental properties before owners sell to third parties.

Michigan HB6086, known as the Tenant Opportunity to Purchase Act, requires owners of rental properties to offer tenants or tenant associations the chance to buy the property before selling to third parties. This applies when the owner issues a notice to vacate for demolition or discontinuance of housing use. The offer must be at a price and terms comparable to a willing seller and buyer or the appraised value. Rental properties include apartment units, boardinghouses, rooming houses, and single- or multiple-family dwellings, but exclude hotels, motels, and tourist accommodations.